New Zealand · data to Sep qtr 2026
How's inflation?
OK.
Prices are rising 3.7% a year, just outside the Reserve Bank's 1 to 3% target band.
For context: 3.7% is around the middle of all 418 figures since 1916.
Prices, year on year
Annual change in consumer prices, against the Reserve Bank's target band
The strip under the chart shows the verdict each period would get by today's rules:Good OK Bad
See the latest numbers
| Period | Value | Verdict |
|---|---|---|
| Sep qtr 2026 | 3.7% | OK |
| Jun qtr 2026 | 4.1% | Bad |
| Mar qtr 2026 | 3.1% | OK |
| Dec qtr 2025 | 3.1% | OK |
| Sep qtr 2025 | 3.0% | OK |
| Jun qtr 2025 | 2.7% | Good |
| Mar qtr 2025 | 2.5% | Good |
| Dec qtr 2024 | 2.2% | Good |
| Sep qtr 2024 | 2.2% | Good |
| Jun qtr 2024 | 3.3% | OK |
| Mar qtr 2024 | 4.0% | Bad |
| Dec qtr 2023 | 4.7% | Bad |
Source: Stats NZ, Consumers price index, all groups, annual % change (licensed CC BY 4.0) · Series CPIQ.SE9A · Latest Sep qtr 2026
How we judged this
What we test: The latest figure (prices, year on year). Right now that's 3.7%.
- Good if from 1.0% to under 3.0%
- OK if from 0.5% to under 1.0%
- OK if from 3.0% to under 4.0%applies now
- Bad if anything the rules above don’t cover
Rules are checked from the top. The first one that fits decides the verdict.
About this data
- Measure
- Prices, year on year
- Latest
- 3.7% (Sep qtr 2026)
- Published
- Quarterly, by Stats NZ
- Verdict counts for
- Equal weight with the others in the overall verdict
Inflation is how fast prices are rising. A little is normal and healthy. A lot means your pay and savings buy less each year.
Stats NZ measures consumer prices every quarter, so this updates four times a year.
Very low inflation counts against the economy too: it usually comes with weak demand, as in 2015.