# 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.

- Canonical URL: https://forextradingcommunity.com/news/new-zealand-inflation-3-7-percent-september-quarter-2026/
- Type: Data
- Published: 2026-10-23
- Updated: 2026-10-23
- Publisher: Forex Trading Community (https://forextradingcommunity.com), FTC Editorial Team
- Currencies: NZD

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](/news/rbnz-raises-ocr-to-2-75-september-2026/)). 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](/news/new-zealand-gdp-june-quarter-2026/). For how the kiwi responds to commodity prices, see [commodity currencies explained](/news/commodity-currencies-aud-nzd-cad-nok/). Live prices: [NZD/USD](/markets/nzd-usd/).

## Sources

- [Stats NZ: Annual inflation at 3.7 percent in September 2026, 22 October 2026](https://www.stats.govt.nz/news/annual-inflation-at-3-7-percent-in-september-2026/)

## 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.

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