Aotearoa New Zealand's consumers price index (CPI) increased 2.7 percent in the 12 months to the June 2025 quarter, according to figures released by Stats NZ today.
The 2.7 percent increase follows a 2.5 percent annual increase in the 12 months to the March 2025 quarter.
"Although the annual inflation rate increased from the March 2025 quarter, it remains within the Reserve Bank of New Zealand's target band of 1 to 3 percent - the fourth consecutive quarter it has done so," prices and deflators spokesperson Nicola Growden said.
| Quarter | Annual percentage change |
| Jun-05 | 2.8 |
| Sep-05 | 3.4 |
| Dec-05 | 3.2 |
| Mar-06 | 3.3 |
| Jun-06 | 4 |
| Sep-06 | 3.5 |
| Dec-06 | 2.6 |
| Mar-07 | 2.5 |
| Jun-07 | 2 |
| Sep-07 | 1.8 |
| Dec-07 | 3.2 |
| Mar-08 | 3.4 |
| Jun-08 | 4 |
| Sep-08 | 5.1 |
| Dec-08 | 3.4 |
| Mar-09 | 3 |
| Jun-09 | 1.9 |
| Sep-09 | 1.7 |
| Dec-09 | 2 |
| Mar-10 | 2 |
| Jun-10 | 1.7 |
| Sep-10 | 1.5 |
| Dec-10 | 4 |
| Mar-11 | 4.5 |
| Jun-11 | 5.3 |
| Sep-11 | 4.6 |
| Dec-11 | 1.8 |
| Mar-12 | 1.6 |
| Jun-12 | 1 |
| Sep-12 | 0.8 |
| Dec-12 | 0.9 |
| Mar-13 | 0.9 |
| Jun-13 | 0.7 |
| Sep-13 | 1.4 |
| Dec-13 | 1.6 |
| Mar-14 | 1.5 |
| Jun-14 | 1.6 |
| Sep-14 | 1 |
| Dec-14 | 0.8 |
| Mar-15 | 0.3 |
| Jun-15 | 0.4 |
| Sep-15 | 0.4 |
| Dec-15 | 0.1 |
| Mar-16 | 0.4 |
| Jun-16 | 0.4 |
| Sep-16 | 0.4 |
| Dec-16 | 1.3 |
| Mar-17 | 2.2 |
| Jun-17 | 1.7 |
| Sep-17 | 1.9 |
| Dec-17 | 1.6 |
| Mar-18 | 1.1 |
| Jun-18 | 1.5 |
| Sep-18 | 1.9 |
| Dec-18 | 1.9 |
| Mar-19 | 1.5 |
| Jun-19 | 1.7 |
| Sep-19 | 1.5 |
| Dec-19 | 1.9 |
| Mar-20 | 2.5 |
| Jun-20 | 1.5 |
| Sep-20 | 1.4 |
| Dec-20 | 1.4 |
| Mar-21 | 1.5 |
| Jun-21 | 3.3 |
| Sep-21 | 4.9 |
| Dec-21 | 5.9 |
| Mar-22 | 6.9 |
| Jun-22 | 7.3 |
| Sep-22 | 7.2 |
| Dec-22 | 7.2 |
| Mar-23 | 6.7 |
| Jun-23 | 6 |
| Sep-23 | 5.6 |
| Dec-23 | 4.7 |
| Mar-24 | 4 |
| Jun-24 | 3.3 |
| Sep-24 | 2.2 |
| Dec-24 | 2.2 |
| Mar-25 | 2.5 |
| Jun-25 | 2.7 |
The largest upwards contributor to the annual inflation rate was local authority rates and payments, up 12.2 percent. Rates contributed 13 percent of the 2.7 percent annual increase.
"Rates are captured once a year in the September quarter," Growden said.
"The 12.2 percent annual increase for rates was captured in the September 2024 quarter. Next quarter we will capture changes in rates as of 1 July 2025."
Petrol, down 8.0 percent in the 12 months to June 2025, offset the increase in rates.
"Petrol made a significant downward contribution to annual CPI. The CPI excluding petrol increased 3.2 percent in the 12 months to June 2025," Growden said.
The average price for one litre of 91 octane fuel was $2.54 in the June 2025 quarter, down from $2.76 in the June 2024 quarter.
Rent prices also increased, up 3.2 percent in the 12 months to the June 2025 quarter (13 percent contribution to the 2.7 percent increase).
"The 3.2 percent increase in rents is the smallest annual increase in four years. Rents increased 2.9 percent in the 12 months to June 2021," Growden said.
Of the five broad regions we measure, rent prices in Canterbury and Rest of South Island had the largest annual increase, both up 5.1 percent. Wellington had the smallest annual increase, up 1.1 percent.
| Quarter | Auckland | New Zealand | Canterbury | Wellington | Rest of North Island | Rest of South Island |
| Jun-15 | 2.9 | 2.3 | 3.5 | 1.5 | 1.7 | 1.2 |
| Sep-15 | 3 | 2.3 | 3.1 | 1.3 | 1.2 | 1.9 |
| Dec-15 | 3.3 | 2.5 | 2.3 | 1.4 | 1.9 | 2 |
| Mar-16 | 3.2 | 2.3 | 1.2 | 1.4 | 2.1 | 2.1 |
| Jun-16 | 3.5 | 2.3 | 0.1 | 1.2 | 2.1 | 1.9 |
| Sep-16 | 3.4 | 2.1 | -0.6 | 1.3 | 2.4 | 1.1 |
| Dec-16 | 3.2 | 2 | -0.8 | 1.6 | 2.2 | 1.2 |
| Mar-17 | 3.1 | 2.3 | -0.8 | 2.1 | 2.4 | 1.5 |
| Jun-17 | 2.9 | 2.1 | -2 | 2.8 | 2.7 | 1.9 |
| Sep-17 | 2.7 | 2.2 | -1.9 | 3.7 | 2.7 | 2.2 |
| Dec-17 | 2.7 | 2.3 | -1.7 | 3.6 | 2.7 | 2.1 |
| Mar-18 | 2.5 | 2.1 | -1.5 | 4.2 | 2.7 | 1.8 |
| Jun-18 | 2.5 | 2.5 | 0.3 | 4.2 | 2.7 | 2.1 |
| Sep-18 | 2.4 | 2.3 | 0.4 | 3.8 | 2.7 | 1.9 |
| Dec-18 | 2.2 | 2.4 | 0.8 | 4 | 2.9 | 2.8 |
| Mar-19 | 2.2 | 2.4 | 0.6 | 3.3 | 2.9 | 2.9 |
| Jun-19 | 2 | 2.5 | 0.9 | 3.8 | 3.6 | 3.3 |
| Sep-19 | 1.8 | 2.9 | 1.3 | 4.1 | 4.3 | 4 |
| Dec-19 | 1.9 | 3.1 | 1.3 | 4.5 | 4.9 | 4.1 |
| Mar-20 | 2.1 | 3.7 | 2 | 5.7 | 5.8 | 5.3 |
| Jun-20 | 1.9 | 3.4 | 1.7 | 5.3 | 5.6 | 4.5 |
| Sep-20 | 1.6 | 3.1 | 1.6 | 5.1 | 5.7 | 3.6 |
| Dec-20 | 1.3 | 2.9 | 1.5 | 4.9 | 5.6 | 2.7 |
| Mar-21 | 1.1 | 2.7 | 1.5 | 4.3 | 5.7 | 2 |
| Jun-21 | 1.2 | 2.9 | 1.8 | 4.7 | 6.2 | 2.1 |
| Sep-21 | 1.4 | 3.2 | 2.3 | 4.9 | 6.5 | 2.7 |
| Dec-21 | 2 | 3.8 | 3.3 | 5.5 | 6.9 | 3.9 |
| Mar-22 | 2.1 | 4 | 3.9 | 5.3 | 6.6 | 4.5 |
| Jun-22 | 2.5 | 4.3 | 4.9 | 5.6 | 6.5 | 5.4 |
| Sep-22 | 2.7 | 4.6 | 5.6 | 5.6 | 6.7 | 5.8 |
| Dec-22 | 2.4 | 4.4 | 5.8 | 4.7 | 6.7 | 5.9 |
| Mar-23 | 2.4 | 4.3 | 6.1 | 4 | 6.8 | 6.3 |
| Jun-23 | 2.4 | 4.2 | 6.3 | 3.1 | 6.6 | 6.8 |
| Sep-23 | 2.9 | 4.4 | 6.5 | 2.6 | 6.6 | 7.4 |
| Dec-23 | 3.3 | 4.5 | 6.5 | 2.3 | 6.3 | 7.4 |
| Mar-24 | 3.7 | 4.7 | 6.6 | 2.2 | 6.1 | 7.4 |
| Jun-24 | 4.1 | 4.8 | 6.7 | 2.1 | 5.7 | 7 |
| Sep-24 | 3.9 | 4.5 | 6.4 | 2 | 5.2 | 6.6 |
| Dec-24 | 3.6 | 4.2 | 6 | 1.8 | 4.7 | 6.2 |
| Mar-25 | 3.1 | 3.7 | 5.5 | 1.3 | 4.2 | 5.4 |
| Jun-25 | 2.5 | 3.2 | 5.1 | 1.1 | 4.1 | 5.1 |
Quarterly inflation at 0.5 percent
The CPI rose 0.5 percent in the June 2025 quarter, compared with the March 2025 quarter.
| Quarter ended | Percentage change |
| Jun-21 | 1.3 |
| Sep-21 | 2.2 |
| Dec-21 | 1.4 |
| Mar-22 | 1.8 |
| Jun-22 | 1.7 |
| Sep-22 | 2.2 |
| Dec-22 | 1.4 |
| Mar-23 | 1.2 |
| Jun-23 | 1.1 |
| Sep-23 | 1.8 |
| Dec-23 | 0.5 |
| Mar-24 | 0.6 |
| Jun-24 | 0.4 |
| Sep-24 | 0.6 |
| Dec-24 | 0.5 |
| Mar-25 | 0.9 |
| Jun-25 | 0.5 |
Cultural services, up 9.5 percent, was the largest upwards contributor to the quarterly rise (26 percent of the 0.5 percent quarterly rise). This was driven by subscriptions to streaming services.
Petrol, down 4.8 percent, offset the quarterly rise. CPI less petrol rose 0.7 percent in the quarter.
Electricity, up 4.9 percent, also contributed to the quarterly rise (25 percent contribution to the 0.5 percent rise).
"The 4.9 percent rise in electricity prices is the largest quarterly increase in over a decade," Growden said.
