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.

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.

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.