New Zealand’s annual inflation rate eased to 3.7% in the third quarter of 2026 from 4.1% in the previous quarter, slightly below expectations of 3.8% but remaining above the Reserve Bank of New Zealand’s 1–3% target range. Petrol was the largest upward contributor to annual inflation, rising 19.1% amid higher international oil and fuel prices linked to conflicts in the Middle East. The cost of constructing new housing increased 3.2%, driven by higher material, subcontractor, labour and fuel costs. Electricity prices rose 9.3%, international airfares increased 12.5%, and local authority rates and payments climbed 6.2%. The latter are measured annually in the September quarter and have been a major driver of inflation in recent years. On a quarterly basis, the Consumer Price Index (CPI) rose 0.7%, slowing from a 1.5% increase in the second quarter. source: Statistics New Zealand

Inflation Rate in New Zealand decreased to 3.70 percent in the third quarter of 2026 from 4.10 percent in the second quarter of 2026. 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 October of 2026.

Inflation Rate in New Zealand decreased to 3.70 percent in the third quarter of 2026 from 4.10 percent in the second quarter of 2026. Inflation Rate in New Zealand is expected to be 3.70 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 1.70 percent in 2027 and 2.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-07-20 10:45 PM
Inflation Rate YoY
Q2 4.1% 3.1% 4% 4.0%
2026-10-21 09:45 PM
Inflation Rate YoY
Q3 3.7% 4.1% 3.8% 3.7%


Related Last Previous Unit Reference
CPI 1368.00 1359.00 points Sep 2026
Core Consumer Prices 1359.00 1346.00 points Sep 2026
CPI Housing Utilities 1496.00 1479.00 points Sep 2026
CPI Transportation 1386.00 1384.00 points Sep 2026
Export Prices 1671.00 1615.00 points Jun 2026
Food Inflation YoY 2.40 1.90 percent Sep 2026
GDP Deflator 1562.00 1560.00 points Jun 2026
Import Prices 1176.00 1034.00 points Jun 2026
Inflation Rate YoY 3.70 4.10 percent Sep 2026
Inflation Rate QoQ 0.70 1.50 percent Sep 2026
Producer Prices 1530.00 1506.00 points Jun 2026


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
3.70 4.10 44.00 -15.30 1918 - 2026 percent Quarterly

News Stream
New Zealand Inflation Eases in Q3
New Zealand’s annual inflation rate eased to 3.7% in the third quarter of 2026 from 4.1% in the previous quarter, slightly below expectations of 3.8% but remaining above the Reserve Bank of New Zealand’s 1–3% target range. Petrol was the largest upward contributor to annual inflation, rising 19.1% amid higher international oil and fuel prices linked to conflicts in the Middle East. The cost of constructing new housing increased 3.2%, driven by higher material, subcontractor, labour and fuel costs. Electricity prices rose 9.3%, international airfares increased 12.5%, and local authority rates and payments climbed 6.2%. The latter are measured annually in the September quarter and have been a major driver of inflation in recent years. On a quarterly basis, the Consumer Price Index (CPI) rose 0.7%, slowing from a 1.5% increase in the second quarter.
2026-10-21
New Zealand to Launch Monthly CPI in July 2027
Statistics New Zealand will begin publishing a monthly Consumer Price Index (CPI) from July 2027, responding to strong demand from financial markets and the wider public for more timely inflation data. The new monthly indicator is expected to improve inflation monitoring and provide the Reserve Bank of New Zealand with a clearer, more up-to-date picture of price pressures, helping policymakers make better-informed interest rate decisions amid ongoing geopolitical uncertainty. More frequent inflation data should reduce uncertainty and improve the timing and precision of policy responses. The monthly CPI will initially complement, rather than replace, the existing quarterly CPI, allowing both measures to be published in parallel.
2026-07-23
New Zealand Q2 Inflation Rate Highest Since 2023
Annual inflation in New Zealand accelerated to 4.1% in Q2 2026, from 3.1% in Q1, and was above forecasts of 4.0%, surpassing the RBNZ’s 1–3% target range, marking the highest rate since Q4 2023. The largest contributor was the transport group, where prices jumped 10.6% (vs 3.3% in Q1), mainly driven by petrol (up 27.5%) and other vehicle fuels and lubricants (up 71.0%). The second-largest contributor was the housing and household utilities group, where prices rose 3.6% (vs 3.4% in Q1), with electricity prices rising 12.0%. Meanwhile, faster inflation was also seen in alcoholic beverages and tobacco (2.8% vs 2.3%), clothing (2.5% vs. 1.3%), household contents (0.3% vs 0.0%), and communication (6.8% vs 4.6%), while inflation moderated for food (2.8% vs 4.0%), health (4.0% vs 4.1%), and miscellaneous goods and services (1.0% vs 2.2%). Quarterly, the CPI rose 1.5% in Q2, accelerating from a 0.9% increase in Q1, above estimates of 1.4% and marking the highest level since Q3 2023.
2026-07-20