New Zealand Inflation Rate (CPI YoY %) - Historical Data
Year-on-year percentage change in the headline Consumer Price Index (CPI) for New Zealand from 1915 to 2026, compiled from the BIS Long Consumer Prices archive (WS_LONG_CPI). The latest inflation rate is 4.06% (Jun 2026) compared with the Reserve Bank of New Zealand official target of 1.0%-3.0% Medium-Term Band (2.0% Midpoint).
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Current Statistics & Historical Records
Latest Reading (Jun 2026)
4.06%
Prev (May 2026): 4.06%0.00 pp
Highest Recorded (Apr 1987)
18.94%
Peak consumer price inflation rate in New Zealand (Reserve Bank of New Zealand mandate: 1.0%-3.0% Medium-Term Band (2.0% Midpoint)).
Lowest Recorded (1922)
-10.92%
Lowest recorded CPI inflation / deflation reading in New Zealand.
Long-Run Mean (1915–2026)
4.37%
112 annual observations · Monthly
Reserve Bank of New Zealand · NZD
New Zealand Inflation Rate (CPI YoY %) (1915-2026)
% YoYDrag to pan, scroll to zoom, or toggle between full archive (1915–2026) and recent monthly observations.
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Source: Bank for International Settlements (BIS) & National Statistical Office (WS_LONG_CPI:M:NZ:771)
Latest: 4.06% (Jun 2026)
New Zealand Inflation Rate Averages by Decade
Decadal mean, peak, and trough across the 1915–2026 archive
| Decade | Years Covered | Decade Mean | Decade High (Year) | Decade Low (Year) |
|---|---|---|---|---|
| 1910s | 1915–1919 | 9.16% | 12.32% (1918) | 7.57% (1919) |
| 1920s | 1920–1929 | 0.49% | 13.65% (1920) | -10.92% (1922) |
| 1930s | 1930–1939 | 0.05% | 7.01% (1937) | -7.83% (1932) |
| 1940s | 1940–1949 | 3.04% | 7.97% (1948) | 0.77% (1946) |
| 1950s | 1950–1959 | 5.02% | 11.00% (1951) | 2.18% (1957) |
| 1960s | 1960–1969 | 3.21% | 6.05% (1967) | 0.70% (1960) |
| 1970s | 1970–1979 | 11.47% | 16.93% (1976) | 6.50% (1970) |
| 1980s | 1980–1989 | 11.90% | 17.20% (1980) | 5.70% (1989) |
| 1990s | 1990–1999 | 2.12% | 6.12% (1990) | -0.11% (1999) |
| 2000s | 2000–2009 | 2.69% | 3.96% (2008) | 1.76% (2003) |
| 2010s | 2010–2019 | 1.58% | 4.05% (2011) | 0.29% (2015) |
| 2020s | 2020–2026 | 3.99% | 7.17% (2022) | 1.72% (2020) |
Complete Annual Historical Ledger (1915–2026)
Unit: % YoY · Source: Bank for International Settlements (BIS) & National Statistical Office (WS_LONG_CPI:M:NZ:771)
| Year | Annual Value (% YoY) | Intra-Year Range (Min – Max) | Monetary Regime & Historical Context |
|---|---|---|---|
| 2026 | 3.57% | 3.08% – 4.06% | - |
| 2025 | 2.84% | 2.53% – 3.11% | Post-tightening monetary recalibration across advanced and emerging central banks |
| 2024 | 2.93% | 2.15% – 4.02% | G10 policy rates peak and pivot toward gradual monetary normalization |
| 2023 | 5.75% | 4.66% – 6.65% | - |
| 2022 | 7.17% | 6.93% – 7.30% | Global inflation surge triggers fastest synchronized rate hiking cycle in four decades |
| 2021 | 3.94% | 1.52% – 5.95% | - |
| 2020 | 1.72% | 1.44% – 2.53% | COVID-19 pandemic emergency rate cuts and record balance sheet expansion |
| 2019 | 1.62% | 1.46% – 1.85% | - |
| 2018 | 1.60% | 1.10% – 1.90% | - |
| 2017 | 1.85% | 1.59% – 2.17% | - |
| 2016 | 0.65% | 0.42% – 1.34% | Bank of Japan introduces Yield Curve Control (YCC); post-Brexit BoE easing |
| 2015 | 0.29% | 0.08% – 0.42% | - |
| 2014 | 1.23% | 0.76% – 1.62% | ECB and European peers introduce Negative Interest Rate Policy (NIRP) |
| 2013 | 1.13% | 0.68% – 1.63% | - |
| 2012 | 1.06% | 0.77% – 1.57% | - |
| 2011 | 4.05% | 1.85% – 5.28% | European Sovereign Debt Crisis and Swiss franc safe-haven surge |
| 2010 | 2.30% | 1.46% – 4.03% | - |
| 2009 | 2.12% | 1.67% – 2.97% | - |
| 2008 | 3.96% | 3.37% – 5.07% | Global Financial Crisis drives major central banks to the zero lower bound and QE1 |
| 2007 | 2.38% | 1.79% – 3.18% | - |
| 2006 | 3.37% | 2.63% – 3.98% | - |
| 2005 | 3.04% | 2.78% – 3.36% | - |
| 2004 | 2.29% | 1.55% – 2.70% | - |
| 2003 | 1.76% | 1.47% – 2.52% | - |
| 2002 | 2.68% | 2.59% – 2.75% | - |
| 2001 | 2.64% | 1.82% – 3.24% | Dot-com bust and synchronized G10 monetary easing cycle |
| 2000 | 2.61% | 1.49% – 3.98% | - |
| 1999 | -0.11% | -0.51% – 0.51% | Launch of the Euro and establishment of the European Central Bank (ECB) |
| 1998 | 1.27% | 0.37% – 1.75% | - |
| 1997 | 1.19% | 0.83% – 1.79% | Asian Financial Crisis triggers emergency EM currency defense hikes |
| 1996 | 2.28% | 2.00% – 2.55% | - |
| 1995 | 3.76% | 2.92% – 4.58% | - |
| 1994 | 1.74% | 1.09% – 2.80% | Global bond market selloff and pre-emptive Federal Reserve tightening cycle |
| 1993 | 1.29% | 0.96% – 1.48% | - |
| 1992 | 1.01% | 0.80% – 1.32% | European Exchange Rate Mechanism (ERM) crisis and Black Wednesday |
| 1991 | 2.62% | 0.98% – 4.53% | - |
| 1990 | 6.12% | 4.85% – 7.62% | German reunification tightening and Japanese asset bubble peak |
| 1989 | 5.70% | 4.02% – 7.20% | - |
| 1988 | 6.41% | 4.71% – 8.98% | - |
| 1987 | 15.94% | 9.59% – 18.94% | Louvre Accord and Black Monday central bank liquidity provision |
| 1986 | 13.16% | 10.42% – 18.24% | - |
| 1985 | 15.40% | 13.41% – 16.62% | Plaza Accord coordinated G5 currency intervention depreciates USD |
| 1984 | 6.15% | 3.47% – 9.40% | - |
| 1983 | 7.48% | 3.60% – 12.65% | - |
| 1982 | 16.18% | 15.30% – 16.98% | - |
| 1981 | 15.36% | 15.08% – 15.70% | Volcker disinflation peak pushes benchmark policy rates to postwar highs |
| 1980 | 17.20% | 16.13% – 18.38% | - |
| 1979 | 13.63% | 10.39% – 16.53% | Second oil shock; Paul Volcker appointed Federal Reserve Chair |
| 1978 | 12.03% | 10.10% – 14.63% | - |
| 1977 | 14.36% | 13.66% – 15.32% | - |
| 1976 | 16.93% | 15.64% – 17.72% | - |
| 1975 | 14.65% | 13.21% – 15.70% | - |
| 1974 | 11.09% | 9.97% – 12.55% | First OPEC oil shock triggers global stagflation and steep policy rate hikes |
| 1973 | 8.15% | 5.97% – 10.16% | - |
| 1972 | 6.96% | 5.46% – 8.46% | - |
| 1971 | 10.40% | 9.13% – 11.15% | Nixon Shock suspends USD gold convertibility; Bretton Woods system ends |
| 1970 | 6.50% | 4.76% – 9.95% | - |
| 1969 | 4.93% | 3.97% – 5.47% | - |
| 1968 | 4.32% | 3.58% – 5.07% | - |
| 1967 | 6.05% | 4.22% – 6.98% | - |
| 1966 | 2.76% | 2.35% – 3.28% | Credit crunch of 1966 and monetary tightening |
| 1965 | 3.41% | 2.38% – 4.32% | - |
| 1964 | 3.47% | 2.54% – 4.50% | - |
| 1963 | 1.97% | 1.84% – 2.22% | - |
| 1962 | 2.69% | 2.10% – 3.27% | - |
| 1961 | 1.79% | 1.39% – 2.14% | - |
| 1960 | 0.70% | 0.26% – 1.57% | - |
| 1959 | 3.89% | 1.14% – 6.55% | - |
| 1958 | 4.43% | 2.27% – 6.46% | Eisenhower recession and global monetary easing |
| 1957 | 2.18% | 1.34% – 2.82% | - |
| 1956 | 3.48% | 2.16% – 4.61% | - |
| 1955 | 2.51% | 2.28% – 2.98% | - |
| 1954 | 4.64% | 2.42% – 5.90% | Post-Korean War Federal Reserve policy rate normalization |
| 1953 | 4.52% | 4.09% – 5.56% | - |
| 1952 | 7.85% | 4.61% – 11.78% | - |
| 1951 | 11.00% | 9.90% – 11.95% | - |
| 1950 | 5.68% | 2.00% – 8.55% | - |
| 1949 | 1.66% | 1.12% – 2.08% | - |
| 1948 | 7.97% | 1.61% – 10.63% | - |
| 1947 | 3.27% | 0.34% – 10.14% | - |
| 1946 | 0.77% | -0.17% – 1.28% | - |
| 1945 | 1.37% | 1.12% – 1.75% | - |
| 1944 | 1.74% | 1.47% – 2.04% | - |
| 1943 | 2.45% | 1.41% – 3.98% | - |
| 1942 | 3.26% | 2.27% – 4.20% | - |
| 1941 | 3.72% | 2.98% – 4.24% | - |
| 1940 | 4.17% | 2.73% – 4.72% | - |
| 1939 | 4.57% | 2.76% – 7.66% | - |
| 1938 | 2.96% | 0.63% – 5.01% | - |
| 1937 | 7.01% | 6.55% – 7.36% | - |
| 1936 | 2.83% | 1.70% – 3.82% | - |
| 1935 | 3.74% | 2.74% – 5.55% | - |
| 1934 | 1.38% | 0.87% – 2.01% | - |
| 1933 | -4.45% | -8.91% – -0.74% | - |
| 1932 | -7.83% | -9.23% – -6.12% | - |
| 1931 | -7.77% | -9.08% – -6.43% | - |
| 1930 | -1.98% | -3.99% – -0.62% | - |
| 1929 | -0.28% | -0.74% – 0.06% | - |
| 1928 | 0.08% | -0.74% – 0.62% | - |
| 1927 | -0.81% | -1.41% – -0.06% | - |
| 1926 | -0.24% | -0.61% – 0.12% | - |
| 1925 | 0.59% | 0.59% – 0.59% | - |
| 1924 | 2.15% | 2.15% – 2.15% | - |
| 1923 | -2.62% | -2.62% – -2.62% | - |
| 1922 | -10.92% | -10.92% – -10.92% | - |
| 1921 | 3.29% | 3.29% – 3.29% | - |
| 1920 | 13.65% | 13.65% – 13.65% | - |
| 1919 | 7.57% | 7.57% – 7.57% | - |
| 1918 | 12.32% | 12.32% – 12.32% | - |
| 1917 | 9.76% | 9.76% – 9.76% | - |
| 1916 | 7.95% | 7.95% – 7.95% | - |
| 1915 | 8.20% | 8.20% – 8.20% | - |
Frequently Asked Questions - New Zealand Inflation Rate
What is the current inflation rate in New Zealand?
As of Jun 2026, headline consumer price inflation in New Zealand is 4.06% year-on-year, compared to the Reserve Bank of New Zealand target of 1.0%-3.0% Medium-Term Band (2.0% Midpoint).
What was the highest inflation rate recorded in New Zealand?
In the 1915-2026 series, New Zealand CPI inflation peaked at 18.94% in Apr 1987 and reached a low of -10.92% in 1922.
Statistical Provenance
Source Metadata & Methodology Notes
- Primary Institution:
- Bank for International Settlements (BIS) & National Statistical Office
- Dataset / Dataflow:
- BIS Long Series on Consumer Prices (WS_LONG_CPI)
- Canonical Series ID:
- WS_LONG_CPI:M:NZ:771
- Reuse & License:
- Terms of permitted use of BIS statistics
- Unit of measure: Year-on-year percentage change in headline consumer price index (UNIT_MEASURE=771).
- Central bank benchmark target: 1.0%-3.0% Medium-Term Band (2.0% Midpoint) (Reserve Bank of New Zealand).
- Annual table values represent annual average inflation across each calendar year.
Academic & Media Attribution
Cite This Dataset (APA & BibTeX)
APA 7th Edition
CentralBankData.com. (2026). New Zealand Inflation Rate (CPI YoY %), compiled from Bank for International Settlements (WS_LONG_CPI:M:NZ:771). https://centralbankdata.com/new-zealand-inflation-rate
BibTeX
@misc{cbd_cpi_new_zealand,
author = {CentralBankData.com},
title = {New Zealand Consumer Price Inflation Rate},
note = {Compiled from Bank for International Settlements WS_LONG_CPI:M:NZ:771},
year = {2026},
url = {https://centralbankdata.com/new-zealand-inflation-rate}
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