Forex Fundamentals
New Zealand Inflation Rate (CPI)

New Zealand Inflation Rate (CPI) 20 July 2025

New Zealand Inflation Rate (CPI) 20 July 2025: 2.7% for Q2 2025, below the 2.8% forecast and up from 2.5% in Q1 2025. It is the highest reading since Q2 2024. 4 of the last 11 releases came in below the forecast. Printed 2.7%, inside the 1–3% target band. It was released on Sun 20 Jul 2025 at 22:45 UTC.

These figures were verified on 4 Oct 2026 from the source: Statistics New Zealand. This page reports the release as published: the figures, the consensus forecast and what a print like it usually does to the currency.

Actual
2.7%
Q2 2025
Forecast
2.8%
The market consensus
Previous
2.5%
As the source gives it

What a print like this usually does

Below the forecast: A downside surprise usually weakens the NZD as markets bring forward or increase expected OCR cuts.

New Zealand Inflation Rate (CPI) 20 July 2025: 2.7% for Q2 2025 against a 2.8% forecast, with the last 12 releases
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Cite this release

If you cite this release, please link to this page:

New Zealand Inflation Rate (CPI) 20 July 2025: 2.7% vs 2.8% forecast (Statistics New Zealand). Forex Fundamentals, https://forexfundamentals.com/economic-calendar/nz-cpi/2025-07-20

The last 12 releases · times in UTC
ReleasedForActualForecastPrevious
20 Jul 2025Q22.7%2.8%2.5%
16 Apr 2025Q12.5%2.3%2.2%
21 Jan 2025Q42.2%2.1%2.2%
15 Oct 2024Q32.2%2.2%3.3%
16 Jul 2024Q23.3%3.5%4%
16 Apr 2024Q14%—4.7%
23 Jan 2024Q44.7%4.7%5.6%
16 Oct 2023Q35.6%5.9%6%
18 Jul 2023Q26%5.9%6.7%
19 Apr 2023Q16.7%7.1%7.2%
24 Jan 2023Q47.2%7.1%7.2%
17 Oct 2022Q37.2%6.6%7.3%
The release before:New Zealand Inflation Rate (CPI) 16 April 2025The release after:New Zealand Inflation Rate (CPI) 19 October 2025New Zealand Inflation Rate (CPI): every recent resultThis week’s economic calendar