New Zealand’s consumer price index (CPI) rose 3.1% year-over-year in the first quarter of 2026, unchanged from the 3.1% annual increase recorded in the fourth quarter of 2025. The data, updated on 20 April 2026, indicate that inflationary pressures have stabilized rather than re-accelerated at the start of the year.
The year-over-year comparison shows that price growth in the first quarter of 2026 is advancing at the same pace as in the previous quarter, with no further easing or uptick in the headline rate. The “actual” figure reflects the change in prices in the first quarter of 2026 versus the same period a year earlier, while the “previous” reading measured the fourth quarter of 2025 against the fourth quarter of 2024.
The steady 3.1% annual inflation rate keeps New Zealand’s CPI on a plateau, providing policymakers, businesses, and investors with a clearer—if still elevated—signal on the current price environment as they assess prospects for growth, costs, and interest-rate settings going forward.
