Reference
NZ CPI and Inflation Rates
Last updated: (latest data: June 2026 quarter, released 21 July 2026)
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.
Annual inflation is currently above that target band. In the 12 months to the June 2026 quarter the CPI rose 4.1%, up from 3.1% in the year to March 2026. Fuel did most of the work: Stats NZ reported petrol up 27.5% and other vehicle fuels and lubricants (mainly diesel) up 71.0% over the year. Without those fuel price moves the CPI would have risen 2.9%, which is inside the target band.
PAYE Calculator Inflation CalculatorRecent Quarterly CPI Results
| Quarter | Annual Change | Quarterly Change | Key Drivers |
|---|---|---|---|
| June 2026 (Q2) | 4.1% | +1.5% | Petrol (+27.5%), other vehicle fuels and lubricants (+71.0%), electricity (+12.0%), council rates (+8.8%) |
| March 2026 (Q1) | 3.1% | +0.9% | Electricity (+12.5%), council rates (+8.8%), meat and poultry (+8.6%), petrol (+3.5%) |
| 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 |
Annual Inflation Rate History (2010 to 2025)
| 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) |
CPI by Group (December 2025 Quarter)
| 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% |
How CPI Affects You
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.
Upcoming CPI Release Dates
| Quarter | Expected Release |
|---|---|
| June 2026 (Q2) | Released 21 July 2026 |
| September 2026 (Q3) | 22 October 2026 (confirmed) |
| December 2026 (Q4) | Late January 2027 |
| March 2027 (Q1) | Late April 2027 |