Inflation rate tops 4% - worst in more than two years
Business Editor at Large·NZ Herald·
20 Jul, 2026 10:51 PMQuick Read
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New Zealand’s consumers price index (CPI) increased 4.1% in the 12 months to the June 2026 quarter, according to figures released by Stats NZ today.
The 4.1% increase follows a 3.1% increase in the 12 months to the March 2026 quarter. The Reserve Bank of New Zealand’s target band for
the annual inflation rate is 1 to 3%.
Unsuprisingly, the largest upwards contributor to the annual inflation rate was petrol, up 27.5%.
“Higher petrol prices accounted for almost a quarter of the 4.1 percent annual increase,” prices and deflators spokesperson Nicola Growden said.
Economists had largely anticipated the rise, although it is higher than the 3.9% forecast by the Reserve Bank.