Annual inflation in New Zealand stood at 3.1% in Q1 2026, unchanged from Q4’s 1.5-year high and above forecasts of 2.9%, surpassing the RBNZ’s 1–3% target range. The largest contributors were in the housing and household utilities group, which rose 3.4%, mainly driven by electricity prices (up 12.5%) and local authority rates and payments (up 8.8%). Upward price pressures also came from food (4.0% vs 4.3%), mainly due to higher meat and poultry prices. Transport inflation accelerated (3.3% vs 2.6%), largely driven by increases in private transport supplies and services. Meanwhile, faster inflation was also seen in alcoholic beverages and tobacco (2.8% vs 2.4%), health (4.1% vs 0.7%), and miscellaneous (2.2% vs 2.1%), while it moderated in clothing (1.3% vs 1.7%), communication (4.6% vs 4.8%), and recreation and culture (2.2% vs 3.2%). Education inflation was steady at 2.5%. On a quarterly basis, the CPI increased by 0.9% in Q1, accelerating from a 0.6% rise in the previous quarter. source: Statistics New Zealand

Inflation Rate in New Zealand remained unchanged at 3.10 percent in the first quarter of 2026 from 3.10 percent in the fourth quarter of 2025. Inflation Rate in New Zealand averaged 4.60 percent from 1918 until 2026, reaching an all time high of 44.00 percent in the third quarter of 1918 and a record low of -15.30 percent in the first quarter of 1923. This page provides - New Zealand Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. New Zealand Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on April of 2026.

Inflation Rate in New Zealand remained unchanged at 3.10 percent in the first quarter of 2026 from 3.10 percent in the fourth quarter of 2025. Inflation Rate in New Zealand is expected to be 3.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the New Zealand Inflation Rate is projected to trend around 2.10 percent in 2027 and 2.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-01-22 09:45 PM
Inflation Rate YoY
Q4 3.1% 3% 3% 3.1%
2026-04-20 10:45 PM
Inflation Rate YoY
Q1 3.1% 3.1% 2.9% 2.8%
2026-07-20 10:45 PM
Inflation Rate YoY
Q2 3.1% 3.1%


Related Last Previous Unit Reference
CPI 1339.00 1327.00 points Mar 2026
Core Consumer Prices 1336.00 1325.00 points Mar 2026
CPI Housing Utilities 1463.00 1454.00 points Mar 2026
CPI Transportation 1306.00 1287.00 points Mar 2026
Export Prices 1658.00 1575.00 points Dec 2025
Food Inflation YoY 3.40 4.50 percent Mar 2026
GDP Deflator 1561.00 1542.00 points Dec 2025
Import Prices 1041.00 1026.00 points Dec 2025
Inflation Rate YoY 3.10 3.10 percent Mar 2026
Inflation Rate QoQ 0.90 0.60 percent Mar 2026
Producer Prices 1494.00 1492.00 points Dec 2025


New Zealand Inflation Rate
In New Zealand, the most important category in the consumer price index is Housing and Utilities (28 percent of total weight). Food accounts for 18 percent; Transport for 14 percent; Recreation and Culture for 9 percent; Miscellaneous Goods and Services for 8 percent; and Alcoholic beverages and Tobacco for 7 percent. Household Goods and Services; Health; Clothing and Footwear; Communication; and Education account for the remaining 16 percent of total weight.
Actual Previous Highest Lowest Dates Unit Frequency
3.10 3.10 44.00 -15.30 1918 - 2026 percent Quarterly

News Stream
New Zealand Q1 Inflation Stays at 1-1/2-Year High
Annual inflation in New Zealand stood at 3.1% in Q1 2026, unchanged from Q4’s 1.5-year high and above forecasts of 2.9%, surpassing the RBNZ’s 1–3% target range. The largest contributors were in the housing and household utilities group, which rose 3.4%, mainly driven by electricity prices (up 12.5%) and local authority rates and payments (up 8.8%). Upward price pressures also came from food (4.0% vs 4.3%), mainly due to higher meat and poultry prices. Transport inflation accelerated (3.3% vs 2.6%), largely driven by increases in private transport supplies and services. Meanwhile, faster inflation was also seen in alcoholic beverages and tobacco (2.8% vs 2.4%), health (4.1% vs 0.7%), and miscellaneous (2.2% vs 2.1%), while it moderated in clothing (1.3% vs 1.7%), communication (4.6% vs 4.8%), and recreation and culture (2.2% vs 3.2%). Education inflation was steady at 2.5%. On a quarterly basis, the CPI increased by 0.9% in Q1, accelerating from a 0.6% rise in the previous quarter.
2026-04-20
New Zealand Inflation Threatens to Break Higher as Energy Costs Rise
New Zealand Finance Minister Nicola Willis cautioned on Monday that inflation could climb “much higher” this year and remain outside the central bank’s 1%–3% target if Middle East tensions persist. Treasury modelling suggests a sharper peak under a scenario of prolonged conflict and deeper supply chain disruption. Inflation already stood at 3.1% in Q4, above the ceiling, with rising energy costs fueling market bets on near-term policy tightening. Willis declined to give precise forecasts, noting Treasury has yet to finalize its central scenario.
2026-03-30
New Zealand Inflation Rebounds to Q2 2024 High
Annual inflation rate in New Zealand increased to 3.1% in the December 2025 quarter, the highest since the June 2024 quarter, from 3.0% in the previous period and slightly above forecasts. The largest contributors were all in the housing and household utilities group, namely electricity (12.2%, the highest since the March 1989 quarter), local authority rates and payments (8.8%) and rent (1.9%). Compared to the previous quarter, the CPI increased 0.6%, following a 1.0% rise in the previous period. International air transport, up 7.2%, was the largest upwards contributor to the quarterly rise, while petrol, up 2.5%, also added to the increase. Lower vegetable prices, down 16.5%, helped offset the quarterly rise, driven by seasonal falls for tomatoes, cucumbers, capsicums, lettuce, and broccoli.
2026-01-22