Jan 26 (Reuters) - New Zealand shares inched lower on Thursday, in line with Wall Street as worries over the economic impact of the U.S. Federal Reserve's restrictive policy remained, with trading subdued due to the closure of Australian stock markets.

New Zealand's benchmark S&P/NZX 50 index fell 0.1% at 11,981.05 points, as of 2232 GMT. About 2.2 million shares changed hands in early trade, compared with the 30-day average of 19.3 million shares.

Markets' focus is on the Fed's future monetary tightening path, with some analysts suggesting that recession fears may influence the Fed to soon cut interest rates.

On Wednesday, data showed annual inflation in New Zealand ran at 7.2% in the fourth quarter, unchanged from the third quarter and just below a three-decade high.

"With timely activity and labour demand indicators softening significantly in recent months, and non-tradables inflation appearing to stabilise, we think now is the time for the RBNZ (Reserve Bank of New Zealand) to dial back on the hawkishness," analysts at ANZ said in a note.

ANZ expects a 50 basis points (bps) cash rate increase at the central bank's February meeting rather than the previously thought 75 bps hike.

Among individual stocks, real estate firm Kiwi Property Group and healthcare products distributor EBOS Group led declines as they dropped 1% each.

Electricity generator Meridian Energy lost 1.2%, while Auckland Airport shed 0.1% in its third consecutive day of losses.

On the upside, retirement village operator Ryman Healthcare rose 2.4% to hit a more than one-month high. Ryman also posted five straight sessions of gains.

Markets in Australia were closed for a public holiday. (Reporting by Upasana Singh; Editing by Maju Samuel)