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. source: Statistics New Zealand

Inflation Rate in New Zealand decreased to 4.70 percent in the fourth quarter of 2023 from 5.60 percent in the third quarter of 2023. Inflation Rate in New Zealand averaged 4.64 percent from 1918 until 2023, 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 2024.

Inflation Rate in New Zealand decreased to 4.70 percent in the fourth quarter of 2023 from 5.60 percent in the third quarter of 2023. Inflation Rate in New Zealand is expected to be 4.30 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 2.50 percent in 2025 and 2.10 percent in 2026, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-10-16 09:45 PM
Inflation Rate YoY
Q3 5.6% 6% 5.9% 5.8%
2024-01-23 09:45 PM
Inflation Rate YoY
Q4 4.7% 5.6% 4.7% 4.5%
2024-04-16 10:45 PM
Inflation Rate YoY
Q1 4.7% 4.3%


Related Last Unit Reference
CPI 1259.00 points Dec 2023
Core Consumer Prices 1250.00 points Dec 2023
CPI Housing Utilities 1347.00 points Dec 2023
CPI Transportation 1301.00 points Dec 2023
Export Prices 1367.00 points Dec 2023
Food Inflation YoY 0.70 percent Mar 2024
GDP Deflator 1446.00 points Dec 2023
Import Prices 1052.00 points Dec 2023
Inflation Rate YoY 4.70 percent Dec 2023
Inflation Rate 0.50 percent Dec 2023
Producer Prices 1397.00 points Dec 2023

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
4.70 5.60 44.00 -15.30 1918 - 2023 percent Quarterly

News Stream
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.
2024-01-23
New Zealand Inflation Eases to 5.6% in Q3
The annual inflation rate in New Zealand eased to 5.6% in the September quarter of 2023, from 6% in the second quarter. It was the lowest figure since the third quarter of 2021. The first largest contributor to the rise was food ( 8.8% from 12.8% in Q2), led by increases in prices of fruit and vegetables (4.4% vs 21.1%), Grocery food (11% vs 13.2%) and restaurant meals and ready-to-eat food (8.9% vs 9). The next largest contributor was housing and household utilities, due to rising prices for construction (5% vs 7.8%) and rents (4.4% vs 4.2%). Transport was the third major contributor (4.6% vs -0.7%), driven by rising prices for petrol and domestic air transport. On a quarterly basis, the consumer price index went up 1.8% in the third quarter, accelerating from a 1.1% increase in the preceding quarter.
2023-10-16
New Zealand Inflation Slows to 6% in Q2
The annual inflation rate in New Zealand slowed to 6% in the second quarter of 2023, the lowest since the fourth quarter of 2021 and compared to 6.7% in the previous period. Still, the prices remained at the levels not seen since the 1990s. Food was still the largest contributor to inflation due to rising prices for vegetables, ready-to-eat food, and milk, cheese, and eggs. The next largest contributor was housing and household utilities amid rising prices for both construction and rents. Recreation and culture prices were also up driven by higher costs for pets and pet-related products. On a quarterly basis, the consumer price index rose 1.1% in the second quarter, slowing from a 1.2% gain in the preceding quarter.
2023-07-18