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New Zealand Q1 Inflation Stays at 1-1/2-Year High
Annual inflation in New Zealand stood at 3.1% in the March 2026 quarter, unchanged from the December quarter’s 1.5-year high and above forecasts of 2.9%. 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%, accelerating from a 0.6% rise in the previous quarter.
Published on 2026-04-20

New Zealand Q1 Inflation Stays at 1-1/2-Year High
Annual inflation in New Zealand stood at 3.1% in the December 2025 quarter, unchanged from the September quarter’s 1.5-year high and above forecasts of 2.9%. The largest contributors were in the housing and household utilities group, which rose 3.4%, mainly driven by electricity prices (up 12.5%). On a quarterly basis, the CPI increased by 0.9%, accelerating from a 0.6% rise in the previous quarter.
Published on 2026-04-20

New Zealand Q1 Inflation Stays at 1-1/2-Year High
Annual inflation in New Zealand stood at 3.1% in the March 2026 quarter, unchanged from the December quarter’s 1.5-year high and above forecasts of 2.9%. 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.
Published on 2026-04-20

New Zealand Q1 Inflation Stays at 1-1/2-Year High
Annual inflation in New Zealand stood at 3.1% in the December 2025 quarter, unchanged from the September quarter’s 1.5-year high and above forecasts of 2.9%. The largest contributors were in the housing and household utilities group, which rose 3.4%, mainly driven by electricity prices (up 12.5%). 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. On a quarterly basis, the CPI increased by 0.9%, accelerating from a 0.6% rise in the previous quarter.
Published on 2026-04-20

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.
Published on 2026-04-20

New Zealand Q1 Inflation Stays at 1-1/2-Year High
Annual inflation in New Zealand stood at 3.1% in the December 2025 quarter, unchanged from the September quarter’s 1.5-year high and above forecasts of 2.9%. 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. On a quarterly basis, the CPI increased by 0.9%, accelerating from a 0.6% rise in the previous quarter.
Published on 2026-04-20

New Zealand Q1 Inflation Stays at 1-1/2-Year High
Annual inflation in New Zealand stood at 3.1% in the March 2026 quarter, unchanged from the December quarter’s 1.5-year high and above forecasts of 2.9%. 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.
Published on 2026-04-20

New Zealand Q1 Inflation Stays at 1-1/2-Year High
Annual inflation in New Zealand stood at 3.1% in the December 2025 quarter, unchanged from the September quarter’s 1.5-year high and above forecasts of 2.9%. On a quarterly basis, the CPI increased by 0.9%, accelerating from a 0.6% rise in the previous quarter.
Published on 2026-04-20

New Zealand Q1 Inflation Stays at 1-1/2-Year High
Annual inflation in New Zealand stood at 3.1% in the December 2025 quarter, unchanged from the September quarter’s 1.5-year high and above forecasts of 2.9%. 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%, accelerating from a 0.6% rise in the previous quarter.
Published on 2026-04-20

New Zealand Q1 Inflation Stays at 1-1/2-Year High
Annual inflation in New Zealand stood at 3.1% in the March 2026 quarter, unchanged from the December quarter’s 1.5-year high and above forecasts of 2.9%. 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.
Published on 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.
Published on 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.
Published on 2026-01-22

New Zealand Inflation Rate Rises to 3% in Q3
Annual inflation rate in New Zealand increased to 3% in the third quarter of 2025, the highest since the second quarter of 2024, from 2.7% in the previous period and in line with forecasts. The largest contributors were all in the housing and household utilities group, namely electricity (11.3%, the highest since the March 1989 quarter), rent (2.6%), and local authority rates and payments (8.8%). Compared to the previous quarter, the CPI increased 1%, the most in two years, following a 0.5% rise in the previous period. Local authority rates and payments, up 8.8%, was the largest upwards contributor to the quarterly rise. Vegetables, up 12.2%, also contributed, mostly seasonal rises for tomatoes, cabbage, capsicums, lettuce, and broccoli.
Published on 2025-10-19

New Zealand Inflation Rate Misses Expectations in Q2
New Zealand’s annual inflation rate edged up to 2.7% in the second quarter of 2025, from 2.5% in the previous quarter, but remained just below market expectations of 2.8%. Key drivers of the annual increase included local authority rates and payments, which rose 3.2% and contributed 12.9% to the overall rise. Rents and electricity prices also climbed by 3.2% and 8.4%, contributing 12.5% and 8.4%, respectively. These gains were partially offset by significant declines in petrol and early childhood education costs. Petrol prices dropped 8%, subtracting 12.8% from the index, while early childhood education fell 22.8%, contributing -4.7%. The latter reflects the impact of the FamilyBoost childcare payment introduced on July 1, 2024. On a quarterly basis, the Consumer Price Index rose 0.5% in the June quarter, slowing from a 0.9% increase in Q1 and missing forecasts of a 0.6% rise.
Published on 2025-07-20

New Zealand Inflation Rate Exceeds Expectations in Q1
The annual inflation rate in New Zealand accelerated to 2.5% in the first quarter of 2025, from 2.2% in the previous quarter. This pointed to the highest inflation rate since June 2024, exceeding market expectations of 2.3%.Rent was the largest contributor to the annual increase, rising 3.7% and accounting for 14% of the overall figure—despite recording its smallest annual increase since 2021. Local authority rates and payments also rose sharply, up 12.2% over the year, contributing another 14% to the inflation rate. Construction costs increased by 1.9%, adding 7% to the total. Falling petrol prices helped to offset some inflationary pressure, declining 2.8% over the year after a 9.2% drop in the December 2024 quarter. On a quarterly basis, consumer prices rose 0.9%, up from a 0.5% rise in the previous period.
Published on 2025-04-16

New Zealand Inflation Holds at 2021 Low
The annual inflation rate in New Zealand eased to 2.2% in the December quarter of 2024, matching the rate from the prior quarter. This marks the lowest inflation rate since March 2021, although it exceeded market expectations of 2.1%. Costs continued to rise at a slower pace for communication (2.8% vs 3.8% in Q3); clothing (-0.8% vs 0.9%); miscellaneous goods and services (5.7% vs 6.2%); and alcoholic beverages and tobacco (5.1% vs 6.3%). Meanwhile, prices fell for transport (-3.6% vs -5.3%) and education (-4.0% vs. -4.0%). On the other hand, costs rose at a faster pace for food (1.3% vs 0.7%); recreation and culture (3.3% vs 2.3%); and housing and household utilities (4.3% vs 4.6%). On a quarterly basis, prices rose by 0.5% in the three months to December, following a 0.6% increase in the previous period.
Published on 2025-01-21

New Zealand Inflation Slows to 2021’s Low
The annual inflation rate in New Zealand eased further to 2.2% in the September quarter of 2024, from 3.3% in the prior quarter. It marked the lowest reading since March 2021, while came in line with market expectation. Cost continued to rise at a slower pace for recreation and culture (+2.3% vs +2.4% in Q2); communication (+3.8 vs +5.2% in Q2); clothing (+0.9 vs +1.4% in Q2); miscellaneous goods and services (+6.2% vs +7% in Q2) and alcoholic beverages and tobacco (+6.3% vs +6.9% in Q2). Meanwhile, prices fell for transport (-5.3% vs +3.5% in Q2) and education (-4% vs 5.2% in Q2). On the other hand, cost rose at a faster pace for food (+0.7% vs +0.2% in Q2); housing and household utilities (+0.1% vs -1.2% in Q2). On a quarterly basis, prices rose by 0.6% in the three months to September, following a 0.4% increase in the previous period.
Published on 2024-10-15

New Zealand Inflation at 3-Year Low in Q2
The annual inflation rate in New Zealand slowed to 3.3% in the second quarter of 2024, from 4% in the March quarter. It came slightly below market expectation of 3.5%, marking the lowest reading since the June quarter of 2021 led by increases in cost of housing and household utilities (4.4% vs 4.5% in Q1) due to rising prices for rent, construction of new houses, and rates. The next contributor to the rise was miscellaneous goods and services (7% vs 6.6% in Q1), followed by Alcoholic beverages and tobacco (6.9% vs 7.4% in Q1). Conversely, prices fell for Household contents and services (-1.5% vs 3% in Q1). On a quarterly basis, prices rose by 0.4% in the three months to June, following a 0.6% increase in the previous period.
Published on 2024-07-16

New Zealand Inflation Eases to Nearly 3-Year Low in Q1
The annual inflation rate in New Zealand eased to 4% in the March quarter of 2024, from 4.7% in the fourth quarter. It pointed to the lowest figure since the second quarter of 2021. The largest contributor was Housing and household utilities increased 4.5 percent as prices went up for rent (up 4.7 percent), construction (up 3.3 percent) and property rates and related services (up 9.6 percent). Recreation and culture increased 5.6 percent, driven by rise in cost of accommodation services (up 10.6 percent); recreational and cultural services (up 7.4 percent); other recreational equipment and supplies (up 3.6 percent). Alcoholic beverages and tobacco increased 7.4 percent, due to higher cost of cigarettes and tobacco (up 10.4 percent) and alcoholic beverages (up 5.0 percent).
Published on 2024-04-16

New Zealand Inflation Slows Further in Q4
The annual inflation rate in New Zealand eased to 4.7% in the three months to December of 2023, from 5.6% in the third quarter. It marked the lowest reading since the second quarter of 2021. The largest contributor was housing and household utilities rising 4.8% (vs 5.3% in Q3), as prices went up for rent (4.5% vs 4.4% in Q3), construction (3.6% vs 5% in Q3) and local authority rates and payments (9.6% vs 9.6% in Q3). Food cost increased 5.7% (vs 8.8% in Q3), influenced by: grocery food (6.7% vs 11% in Q3), restaurant meals and ready-to-eat food (7.4 % vs 8.9% in Q3) and non-alcoholic beverages (5.8% vs 8.9% in Q3). Alcoholic beverages and tobacco prices also rose by 8.1% (vs 7.4% in Q3), driven by: cigarettes and tobacco (11.5% vs 9% in Q3), alcoholic beverages (5.6% vs 6.3% in Q3). On a quarterly basis, the consumer price index rose 0.5% in the fourth quarter, slowing from a 1.8% rise in the preceding quarter.
Published on 2024-01-23