New Zealand inflation accelerates to 4.1% in June quarter

• New Zealand's consumer price index rose 4.1% in the 12 months to the June 2026 quarter.
• Transport costs drove the surge, with higher petrol prices accounting for almost a quarter of the annual increase.
• Broad price increases across key sectors pushed overall annual inflation past the Reserve Bank of New Zealand's target band.

New Zealand’s annual consumers' price index increased 4.1% in the 12 months to June, breaking past the central bank target.

The reading shows an acceleration from the 3.1% annual increase recorded in the previous March quarter.

“Higher petrol prices accounted for almost a quarter of the 4.1% annual increase,” said Stats NZ prices and deflators spokesperson Nicola Growden.

Surging fuel prices played a central role, as petrol rose 27.5% and diesel jumped 71% over the 12-month period.

Excluding energy costs, the overall CPI rose 2.9% year-on-year, while quarterly inflation registered a 1.5% gain.

Additional pressure came from electricity prices climbing 12% and local authority rates advancing 8.8%.

More than 80% of the individual items tracked in the inflation basket saw price rises over the year.