New Zealand annual inflation eases to 3.7% in the September quarter from 4.1%
Stats NZ reports consumer prices 3.7% higher in the year to the September 2026 quarter, down from 4.1% in June. Petrol prices fell over the quarter but stayed above a year earlier.
Stats NZ reported on 22 October 2026 that consumer prices were 3.7% higher in the year to the September 2026 quarter, down from 4.1% in the June quarter. Annual inflation remains above the Reserve Bank's target band.
What drove it
- Petrol: prices fell over the September quarter compared with June, but remained higher than in the September 2025 quarter
- Annual rate: 3.7%, after 4.1% in the June quarter
- Target: still above the Reserve Bank's target band
Petrol prices are still higher than a year earlier, which keeps the annual rate elevated.
Reading it
The Reserve Bank raised its official cash rate to 2.75% in September (report). The annual rate fell from 4.1% but remains above the band, so one quarter does not settle the policy path.
For the growth side of the picture, see New Zealand's June-quarter GDP. For how the kiwi responds to commodity prices, see commodity currencies explained. Live prices: NZD/USD.
Sources
Common questions
What was New Zealand's annual inflation rate in the September 2026 quarter?
Stats NZ reported 3.7% for the year to the September 2026 quarter, down from 4.1% in the June quarter.
What drove New Zealand inflation in the September quarter?
Petrol prices fell over the quarter but remained higher than a year earlier, which kept the annual rate elevated.
What did Stats NZ say about petrol?
Petrol prices fell over the September quarter compared with June, but remained higher than in the September 2025 quarter.
This article is for information only and is not financial advice. Trading forex and CFDs carries a high risk of losing money. Read the risk warning. Spotted an error? Tell the editors.
Comments
Log in to join the discussion. Comments follow the community guidelines.
Log in to commentLoading comments…