New Zealand PPI Input Unexpectedly Falls in Q4

2026-02-17 22:20 By Juan Malo 1 min. read

Producer input prices in New Zealand fell by 0.5% quarter-on-quarter in the three months to December 2025, reversing from a 0.2% gain in the previous quarter and significantly missing market expectations of a 0.5% rise.

The decline was primarily driven by a sharp 24.4% plunge in electricity and gas supply and a 6.9% drop in dairy product manufacturing, which outweighed a 6.0% rise in meat product costs.

This unexpected contraction signals a rapid easing of upstream pipeline pressures, defying forecasts for continued inflation.



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New Zealand PPI Input Unexpectedly Falls in Q4
Producer input prices in New Zealand fell by 0.5% quarter-on-quarter in the three months to December 2025, reversing from a 0.2% gain in the previous quarter and significantly missing market expectations of a 0.5% rise. The decline was primarily driven by a sharp 24.4% plunge in electricity and gas supply and a 6.9% drop in dairy product manufacturing, which outweighed a 6.0% rise in meat product costs. This unexpected contraction signals a rapid easing of upstream pipeline pressures, defying forecasts for continued inflation.
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Producer input prices in New Zealand went up by 0.6% quarter-on-quarter in the three month to June 2025, after a 2.9% gain in the previous quarter. The largest contributions came from electricity, gas, water, and waste services, which rose 3.5%, followed by agriculture, forestry, and fishing at 1.2%, and retail trade and accommodation, also up 1.2%. Broad-based gains across these sectors helped lift overall input costs, signaling steady underlying price pressures.
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