Monthly inflation · New Zealand
New Zealand Inflation Rate QoQ
The New Zealand Inflation Rate QoQ is the change in consumer prices in New Zealand from the previous month (or quarter).
- Importance
- Medium
- Released
- Quarterly
- Currency
- NZD · New Zealand dollar
- Central bank
- The Reserve Bank of New Zealand
Latest figures
The latest release for Q3, published on 21 October 2026, came in at 0.7%, below the consensus of 0.8%, down from 1.5% the time before.
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.
Over the last 8 releases it ranged from 0.5% to 1.5%, averaging 0.8%.
| Released | For | Actual | Consensus | Previous |
|---|---|---|---|---|
| 21 Oct 2026 | Q3 | 0.7% | 0.8% | 1.5% |
| 20 Jul 2026 | Q2 | 1.5% | 1.4% | 0.9% |
| 20 Apr 2026 | Q1 | 0.9% | 0.8% | 0.6% |
| 22 Jan 2026 | Q4 | 0.6% | 0.5% | 1% |
| 19 Oct 2025 | Q3 | 1% | – | 0.5% |
| 20 Jul 2025 | Q2 | 0.5% | 0.6% | 0.9% |
| 16 Apr 2025 | Q1 | 0.9% | 0.7% | 0.5% |
| 21 Jan 2025 | Q4 | 0.5% | 0.5% | 0.6% |
Why it matters
The monthly change is the freshest reading of price pressure: the yearly rate is the sum of the last twelve monthly changes, so today's monthly figure tells you where the yearly rate is heading.
How it is calculated
Stats NZ prices a fixed basket of goods and services across the country and compares the index with the previous period. Seasonal patterns (sales, holidays) make raw monthly figures jumpy; some countries also publish seasonally adjusted numbers.
Monthly inflation = index(this month) ÷ index(last month) − 1
Annualised ≈ (1 + monthly)¹² − 1What changes mean
- Compare with the same month in earlier years: January and September often have seasonal jumps.
- 0.2% a month is about the 2% a year most central banks aim for.
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
Monthly price indexes date from the early 20th century; many countries began publishing them during or after the First World War to adjust wages to the cost of living.
New Zealand was the first country to adopt formal inflation targeting, in 1990.
Questions
What is the New Zealand Inflation Rate QoQ?
The New Zealand Inflation Rate QoQ is the change in consumer prices in New Zealand from the previous month (or quarter).
What was the latest New Zealand Inflation Rate QoQ?
0.7% for Q3, published on 21 October 2026 (consensus 0.8%, previous 1.5%).
Educational content only, not investment advice. Figures are the published results as recorded by our calendar; market reactions described are typical, not guaranteed.