New Zealand’s Labour Cost Index increased by 2.0% year-over-year in the first quarter of 2026, unchanged from the 2.0% rise recorded in the fourth quarter of 2025. The latest data, updated on 5 May 2026, indicates a period of stability in wage pressures, with annual labour cost growth holding at the same pace as the previous quarter.
The figures are measured on a year-over-year basis, comparing the change in labour costs in the first quarter of 2026 with the same period a year earlier. Similarly, the previous reading reflected the change in the fourth quarter of 2025 against the fourth quarter a year before. The flat profile between the two periods suggests that, at least for now, there has been no further acceleration or easing in underlying wage cost growth across the New Zealand economy.
