Next release
Released quarterlyJul 20, 2026 22:45 UTC
in 30 days
Latest result
The most recent New Zealand Inflation Rate (CPI) (Apr 20, 2026, Q1) printed 3.1% versus 2.8% expected (previous 3.1%) — above forecast, positive for the NZD.
What it measures
This measures how much consumer prices in New Zealand rose over the past year, the country's headline inflation gauge. Because New Zealand publishes inflation only quarterly, each reading carries extra weight. The Reserve Bank of New Zealand was the world's first to adopt a formal inflation target, so this figure sits at the heart of its rate decisions.
The New Zealand dollar is a risk sensitive, commodity linked currency, but inflation drives the Reserve Bank's rate path, and higher rates reward holding the kiwi, so this figure carries real weight. A hotter than expected reading points to a bank inclined to hold or hike, which can lift the kiwi, while a soft reading opens the door to cuts and weakens it. Because inflation comes only quarterly, each release can move the kiwi more than a monthly figure would elsewhere. The kiwi can still swing on dairy prices, China, and the global risk mood.
What a higher or lower New Zealand Inflation Rate (CPI) means for the NZD
A stronger-than-expected reading points to a more resilient economy or higher-for-longer rates, which tends to draw capital into the NZD.
Higher than forecast
An actual above the 4.5% forecast is typically bullish for the NZD.
Lower than forecast
An actual below the 4.5% forecast is typically bearish for the NZD.
Release history
Every release of New Zealand Inflation Rate (CPI): actual vs forecast and the beat/miss outcome. Click a date for the full read of that release.
| Release | Actual | Forecast | Previous | Outcome |
|---|---|---|---|---|
| Apr 20, 2026 · Q1 | 3.1% | 2.8% | 3.1% | above |
| Oct 19, 2025 · Q3 | 3% | 2.9% | 2.7% | above |
| Jul 20, 2025 · Q2 | 2.7% | 2.1% | 2.5% | above |
| Apr 16, 2025 · Q1 | 2.5% | 2.4% | 2.2% | above |
| Jan 21, 2025 · Q4 | 2.2% | 2.2% | 2.2% | inline |
| Oct 15, 2024 · Q3 | 2.2% | 2.0% | 3.3% | above |
| Jul 16, 2024 · Q2 | 3.3% | 3.6% | 4% | below |
| Apr 16, 2024 · Q1 | 4% | 4.3% | 4.7% | below |
| Jan 23, 2024 · Q4 | 4.7% | 4.5% | 5.6% | above |
| Oct 16, 2023 · Q3 | 5.6% | 5.8% | 6% | below |
| Jul 18, 2023 · Q2 | 6% | 6.1% | 6.7% | below |
| Apr 19, 2023 · Q1 | 6.7% | 7% | 7.2% | below |
| Jan 24, 2023 · Q4 | 7.2% | 7.2% | 7.2% | inline |
| Oct 17, 2022 · Q3 | 7.2% | 7.1% | 7.3% | above |
| Jul 17, 2022 · Q2 | 7.3% | 6.8% | 6.9% | above |
| Apr 20, 2022 · Q1 | 6.9% | 7.4% | 5.9% | below |
| Jan 26, 2022 · Q4 | 5.9% | 5.8% | 4.9% | above |
| Oct 17, 2021 · Q3 | 4.9% | 3.9% | 3.3% | above |
| Jul 15, 2021 · Q2 | 3.3% | 2.4% | 1.5% | above |
| Apr 20, 2021 · Q1 | 1.5% | 1.5% | 1.4% | inline |
| Jan 21, 2021 · Q4 | 1.4% | 1.1% | 1.4% | above |
| Oct 22, 2020 · Q3 | 1.4% | 1.7% | 1.5% | below |
| Jul 15, 2020 · Q2 | 1.5% | 1.6% | 2.5% | below |
| Apr 19, 2020 · Q1 | 2.5% | 2.1% | 1.9% | above |
| Jan 23, 2020 · Q4 | 1.9% | 1.8% | 1.5% | above |
| Oct 15, 2019 · Q3 | 1.5% | 1.5% | 1.7% | inline |
| Jul 15, 2019 · Q2 | 1.7% | 1.7% | 1.5% | inline |
| Apr 16, 2019 · Q1 | 1.5% | 1.8% | 1.9% | below |
| Jan 22, 2019 · Q4 | 1.9% | 1.8% | 1.9% | above |
| Oct 15, 2018 · Q3 | 1.9% | 1.7% | 1.5% | above |
| Jul 16, 2018 · Q2 | 1.5% | 1.6% | 1.1% | below |
| Apr 18, 2018 · Q1 | 1.1% | 1.2% | 1.6% | below |
| Jan 24, 2018 · Q4 | 1.6% | 1.9% | 1.9% | below |
| Oct 16, 2017 · Q3 | 1.9% | 2% | 1.7% | below |
| Jul 17, 2017 · Q2 | 1.7% | 2% | 2.2% | below |
| Apr 19, 2017 · Q1 | 2.2% | 1.9% | 1.3% | above |
Frequently asked questions
- What is New Zealand Inflation Rate (CPI)?
- This measures how much consumer prices in New Zealand rose over the past year, the country's headline inflation gauge. Because New Zealand publishes inflation only quarterly, each reading carries extra weight. The Reserve Bank of New Zealand was the world's first to adopt a formal inflation target, so this figure sits at the heart of its rate decisions.
- What was the latest New Zealand Inflation Rate (CPI) reading?
- The most recent release (Apr 20, 2026, Q1) came in at 3.1%, versus a forecast of 2.8% and a previous 3.1% — above expectations.
- When is the next New Zealand Inflation Rate (CPI)?
- The next New Zealand Inflation Rate (CPI) is scheduled for Jul 20, 2026. It is released quarterly.
- What happens to the NZD if New Zealand Inflation Rate (CPI) is higher than expected?
- An actual reading above the consensus forecast is typically bullish for the NZD, while a reading below forecast is bearish for the NZD. A stronger-than-expected reading points to a more resilient economy or higher-for-longer rates, which tends to draw capital into the NZD.
- How does New Zealand Inflation Rate (CPI) affect the NZD?
- The New Zealand dollar is a risk sensitive, commodity linked currency, but inflation drives the Reserve Bank's rate path, and higher rates reward holding the kiwi, so this figure carries real weight. A hotter than expected reading points to a bank inclined to hold or hike, which can lift the kiwi, while a soft reading opens the door to cuts and weakens it. Because inflation comes only quarterly, each release can move the kiwi more than a monthly figure would elsewhere. The kiwi can still swing on dairy prices, China, and the global risk mood.