Inflation rate (consumer prices) · New Zealand
New Zealand Food Inflation YoY
The New Zealand Food Inflation YoY measures how much the prices that households in New Zealand pay for a typical basket of goods and services have risen over the past year.
- Importance
- Medium
- Released
- Monthly
- Next release
- Currency
- NZD · New Zealand dollar
- Central bank
- The Reserve Bank of New Zealand
Latest figures
The latest release for SEP, published on 15 October 2026, came in at 2.4%, up from 1.9% the time before.
Over the last 12 releases it ranged from 1.9% to 4.7%, averaging 3.3%.
| Released | For | Actual | Consensus | Previous |
|---|---|---|---|---|
| 15 Oct 2026 | SEP | 2.4% | – | 1.9% |
| 17 Sep 2026 | AUG | 1.9% | – | 1.9% |
| 16 Aug 2026 | JUL | 1.9% | – | 2.5% |
| 16 Jul 2026 | JUN | 2.5% | – | 3.2% |
| 15 Jun 2026 | MAY | 3.2% | – | 2.6% |
| 14 May 2026 | APR | 2.6% | – | 3.4% |
| 16 Apr 2026 | MAR | 3.4% | – | 4.5% |
| 16 Mar 2026 | FEB | 4.5% | – | 4.6% |
| 16 Feb 2026 | JAN | 4.6% | – | 4% |
| 15 Jan 2026 | DEC | 4% | – | 4.4% |
| 15 Dec 2025 | NOV | 4.4% | – | 4.7% |
| 16 Nov 2025 | OCT | 4.7% | – | 4.1% |
Why it matters
Inflation is what the Reserve Bank of New Zealand is charged with controlling, so this is one of the most market-moving releases of the month. A figure above expectations makes rate hikes (or a longer wait for cuts) more likely, which usually lifts the New Zealand dollar and bond yields; a soft figure does the reverse. It also drives wages, pensions and benefits that are linked to prices.
How it is calculated
Stats NZ collects many thousands of prices every month (food, rent, energy, transport, clothing, services) and weights them by how much households spend on each, from household surveys. The index compares the cost of the basket with a base year; the inflation rate is the change from the same month a year earlier.
CPI = Σ (price now ÷ base price) × weight × 100
Inflation (yoy) = CPI ÷ CPI 12 months ago − 1What changes mean
- Above the central bank's target (usually 2%) and rising: pressure for higher rates.
- Look at the core rate and services prices to see if the move is broad or driven by energy and food.
- Base effects: a big jump a year ago drops out of the yearly rate and can make it fall even if prices keep rising.
- Markets react to the difference from the consensus, often to a single decimal.
Higher than expected: A higher figure than expected makes the Reserve Bank of New Zealand more likely to keep rates high or raise them: it tends to support the New Zealand dollar and push bond yields up, and is often a weight on stocks.
Lower than expected: A lower figure than expected gives the Reserve Bank of New Zealand room to cut or hold rates lower: the New Zealand dollar tends to soften and bond yields to fall.
A short history
The United States began publishing a national consumer price index in 1919, the United Kingdom's index goes back to 1914. Inflation targeting, started by New Zealand in 1990, made this release the centre of monetary policy almost everywhere.
New Zealand was the first country to adopt formal inflation targeting, in 1990.
Questions
What is the New Zealand Food Inflation YoY?
The New Zealand Food Inflation YoY measures how much the prices that households in New Zealand pay for a typical basket of goods and services have risen over the past year.
What was the latest New Zealand Food Inflation YoY?
2.4% for SEP, published on 15 October 2026.
When is the next New Zealand Food Inflation YoY?
On Monday 16 November 2026 at 21:45 UTC.
What is a good inflation rate?
Most central banks, including the Reserve Bank of New Zealand in many cases, aim for about 2% a year: low enough not to erode savings, high enough to avoid deflation.
Why does the New Zealand Food Inflation YoY move the New Zealand dollar?
Because it changes what traders expect the Reserve Bank of New Zealand to do with the official cash rate (OCR), and interest rates decide what holding the currency pays.
Educational content only, not investment advice. Figures are the published results as recorded by our calendar; market reactions described are typical, not guaranteed.