Reference
Last updated: April 2026 (latest data: December 2025 quarter)
New Zealand's Consumers Price Index (CPI) measures the changing price of a fixed basket of 598 goods and services purchased by NZ households. It is the official measure of inflation, published quarterly by Stats NZ. The Reserve Bank targets inflation between 1% and 3% over the medium term.
PAYE Calculator Inflation Calculator| Quarter | Annual Change | Quarterly Change | Key Drivers |
|---|---|---|---|
| December 2025 (Q4) | 3.1% | +0.6% | Electricity (+12.2%), council rates (+8.8%), rent (+1.9%) |
| September 2025 (Q3) | 3.0% | +1.0% | Electricity (+11.3%), council rates (+8.8%), rent (+2.6%) |
| June 2025 (Q2) | 2.7% | +0.5% | Housing, food, transport |
| March 2025 (Q1) | 2.5% | +0.4% | Housing, insurance |
| December 2024 (Q4) | 2.2% | +0.5% | Housing, food |
| September 2024 (Q3) | 2.2% | +0.6% | Rent, council rates, insurance |
| June 2024 (Q2) | 3.3% | +0.4% | Rent, council rates, construction |
| March 2024 (Q1) | 4.0% | +0.6% | Rent, insurance, council rates |
| Year (Dec quarter) | Annual CPI | Within RBNZ target? |
|---|---|---|
| 2025 | 3.1% | Above (target 1-3%) |
| 2024 | 2.2% | Yes |
| 2023 | 4.7% | Above |
| 2022 | 7.2% | Above (post-COVID peak) |
| 2021 | 5.9% | Above |
| 2020 | 1.4% | Yes |
| 2019 | 1.9% | Yes |
| 2018 | 1.9% | Yes |
| 2017 | 1.6% | Yes |
| 2016 | 1.3% | Yes |
| 2015 | 0.1% | Below |
| 2014 | 0.8% | Below |
| 2013 | 1.6% | Yes |
| 2012 | 0.9% | Below |
| 2011 | 1.8% | Yes |
| 2010 | 4.0% | Above (GST increase effect) |
| Group | Annual Change |
|---|---|
| Housing and household utilities | +4.8% |
| Food | +1.5% |
| Transport | +2.3% |
| Health | +4.1% |
| Education | +5.2% |
| Recreation and culture | +2.0% |
| Clothing and footwear | -0.5% |
| Communication | +0.8% |
CPI directly influences interest rate decisions by the RBNZ. When inflation is above the 1-3% target, the RBNZ is less likely to cut the OCR, keeping mortgage rates higher. CPI also affects: government benefit adjustments (NZ Super, benefits), rental increase justification, wage negotiation benchmarks, and the real return on savings and investments.
| Quarter | Expected Release |
|---|---|
| March 2026 (Q1) | Late April 2026 |
| June 2026 (Q2) | Late July 2026 |
| September 2026 (Q3) | Late October 2026 |
| December 2026 (Q4) | Late January 2027 |
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