Aotearoa New Zealand's consumers price index (CPI) increased 3.0 percent in the 12 months to the September 2025 quarter, according to figures released by Stats NZ today.
The 3.0 percent increase follows a 2.7 percent increase in the 12 months to the June 2025 quarter. The Reserve Bank of New Zealand's target band for the annual inflation rate is 1 to 3 percent.
"The 3.0 percent annual inflation rate in the September 2025 quarter is the highest since the June 2024 quarter when it was 3.3 percent," prices and deflators spokesperson Nicola Growden said.
| Period ended | Percentage change |
| Sept-05 | 3.4 |
| Dec-05 | 3.2 |
| Mar-06 | 3.3 |
| Jun-06 | 4 |
| Sept-06 | 3.5 |
| Dec-06 | 2.6 |
| Mar-07 | 2.5 |
| Jun-07 | 2 |
| Sept-07 | 1.8 |
| Dec-07 | 3.2 |
| Mar-08 | 3.4 |
| Jun-08 | 4 |
| Sept-08 | 5.1 |
| Dec-08 | 3.4 |
| Mar-09 | 3 |
| Jun-09 | 1.9 |
| Sept-09 | 1.7 |
| Dec-09 | 2 |
| Mar-10 | 2 |
| Jun-10 | 1.7 |
| Sept-10 | 1.5 |
| Dec-10 | 4 |
| Mar-11 | 4.5 |
| Jun-11 | 5.3 |
| Sept-11 | 4.6 |
| Dec-11 | 1.8 |
| Mar-12 | 1.6 |
| Jun-12 | 1 |
| Sept-12 | 0.8 |
| Dec-12 | 0.9 |
| Mar-13 | 0.9 |
| Jun-13 | 0.7 |
| Sept-13 | 1.4 |
| Dec-13 | 1.6 |
| Mar-14 | 1.5 |
| Jun-14 | 1.6 |
| Sept-14 | 1 |
| Dec-14 | 0.8 |
| Mar-15 | 0.3 |
| Jun-15 | 0.4 |
| Sept-15 | 0.4 |
| Dec-15 | 0.1 |
| Mar-16 | 0.4 |
| Jun-16 | 0.4 |
| Sept-16 | 0.4 |
| Dec-16 | 1.3 |
| Mar-17 | 2.2 |
| Jun-17 | 1.7 |
| Sept-17 | 1.9 |
| Dec-17 | 1.6 |
| Mar-18 | 1.1 |
| Jun-18 | 1.5 |
| Sept-18 | 1.9 |
| Dec-18 | 1.9 |
| Mar-19 | 1.5 |
| Jun-19 | 1.7 |
| Sept-19 | 1.5 |
| Dec-19 | 1.9 |
| Mar-20 | 2.5 |
| Jun-20 | 1.5 |
| Sept-20 | 1.4 |
| Dec-20 | 1.4 |
| Mar-21 | 1.5 |
| Jun-21 | 3.3 |
| Sept-21 | 4.9 |
| Dec-21 | 5.9 |
| Mar-22 | 6.9 |
| Jun-22 | 7.3 |
| Sept-22 | 7.2 |
| Dec-22 | 7.2 |
| Mar-23 | 6.7 |
| Jun-23 | 6 |
| Sept-23 | 5.6 |
| Dec-23 | 4.7 |
| Mar-24 | 4 |
| Jun-24 | 3.3 |
| Sept-24 | 2.2 |
| Dec-24 | 2.2 |
| Mar-25 | 2.5 |
| Jun-25 | 2.7 |
| Sept-25 | 3 |
The largest contributors to the annual inflation rate were all in the housing and household utilities group. The main contributors were:
- electricity - up 11.3 percent (10.1 percent contribution to the 3.0 percent annual CPI increase)
- rent - up 2.6 percent (9.2 percent contribution)
- local authority rates and payments - up 8.8 percent (9.2 percent contribution).
The top three contributors make up around 17 percent of the weight in the CPI basket.
"Annual electricity increases are at their highest since the late 1980s, when there were several major reforms in the electricity market," Growden said.
"The 11.3 percent annual increase in electricity prices is the largest since the March 1989 quarter when they rose 12.8 percent."
| Period ended | Electricity |
| Mar-82 | 10.8 |
| Jun-82 | 14.7 |
| Sept-82 | 14.1 |
| Dec-82 | 14.3 |
| Mar-83 | 13.2 |
| Jun-83 | -0.1 |
| Sept-83 | -0.6 |
| Dec-83 | -0.3 |
| Mar-84 | -0.7 |
| Jun-84 | 1.9 |
| Sept-84 | 2.4 |
| Dec-84 | 2.6 |
| Mar-85 | 3.8 |
| Jun-85 | 23.2 |
| Sept-85 | 23.1 |
| Dec-85 | 23.1 |
| Mar-86 | 21.7 |
| Jun-86 | 12.5 |
| Sept-86 | 12.4 |
| Dec-86 | 23.7 |
| Mar-87 | 24.5 |
| Jun-87 | 23 |
| Sept-87 | 23.2 |
| Dec-87 | 11 |
| Mar-88 | 6.4 |
| Jun-88 | 6.2 |
| Sept-88 | 8.5 |
| Dec-88 | 9.4 |
| Mar-89 | 12.8 |
| Jun-89 | 2.8 |
| Sept-89 | 2.7 |
| Dec-89 | 3 |
| Mar-90 | 3.7 |
| Jun-90 | 3.4 |
| Sept-90 | 1.9 |
| Dec-90 | 4.4 |
| Mar-91 | 6.7 |
| Jun-91 | 6.7 |
| Sept-91 | 6.1 |
| Dec-91 | 5.2 |
| Mar-92 | 5 |
| Jun-92 | 4.4 |
| Sept-92 | 5 |
| Dec-92 | 3.8 |
| Mar-93 | 2.2 |
| Jun-93 | 6.2 |
| Sept-93 | 7.9 |
| Dec-93 | 8.1 |
| Mar-94 | 8.9 |
| Jun-94 | 6.8 |
| Sept-94 | 5.4 |
| Dec-94 | 4.9 |
| Mar-95 | 3.5 |
| Jun-95 | 3.6 |
| Sept-95 | 5.1 |
| Dec-95 | 5 |
| Mar-96 | 6.1 |
| Jun-96 | 6.2 |
| Sept-96 | 4.5 |
| Dec-96 | 4.7 |
| Mar-97 | 4.6 |
| Jun-97 | 4.5 |
| Sept-97 | 4.4 |
| Dec-97 | 3.7 |
| Mar-98 | 4.5 |
| Jun-98 | 3.1 |
| Sept-98 | 2.8 |
| Dec-98 | 1.2 |
| Mar-99 | -0.7 |
| Jun-99 | 2.2 |
| Sept-99 | 2.8 |
| Dec-99 | 3.2 |
| Mar-00 | 3.9 |
| Jun-00 | 0 |
| Sept-00 | -0.9 |
| Dec-00 | 0.7 |
| Mar-01 | 0.6 |
| Jun-01 | 0 |
| Sept-01 | -0.3 |
| Dec-01 | -0.6 |
| Mar-02 | 1.9 |
| Jun-02 | 4.5 |
| Sept-02 | 6.1 |
| Dec-02 | 7.5 |
| Mar-03 | 4.9 |
| Jun-03 | 4.8 |
| Sept-03 | 6.5 |
| Dec-03 | 9.3 |
| Mar-04 | 9.3 |
| Jun-04 | 10.4 |
| Sept-04 | 8.5 |
| Dec-04 | 8.8 |
| Mar-05 | 9.7 |
| Jun-05 | 8.1 |
| Sept-05 | 7.8 |
| Dec-05 | 4.1 |
| Mar-06 | 4.6 |
| Jun-06 | 6.3 |
| Sept-06 | 6.6 |
| Dec-06 | 7.1 |
| Mar-07 | 6.9 |
| Jun-07 | 6.9 |
| Sept-07 | 6.2 |
| Dec-07 | 6.5 |
| Mar-08 | 6 |
| Jun-08 | 6.6 |
| Sept-08 | 6.9 |
| Dec-08 | 7.7 |
| Mar-09 | 7.5 |
| Jun-09 | 5.4 |
| Sept-09 | 4.5 |
| Dec-09 | 2.1 |
| Mar-10 | 1.7 |
| Jun-10 | 1.1 |
| Sept-10 | 3.7 |
| Dec-10 | 5.8 |
| Mar-11 | 6 |
| Jun-11 | 7.8 |
| Sept-11 | 4.6 |
| Dec-11 | 2.4 |
| Mar-12 | 2 |
| Jun-12 | 3.7 |
| Sept-12 | 4.4 |
| Dec-12 | 5.2 |
| Mar-13 | 5.2 |
| Jun-13 | 3.4 |
| Sept-13 | 3.6 |
| Dec-13 | 3 |
| Mar-14 | 2.9 |
| Jun-14 | 4.5 |
| Sept-14 | 3.7 |
| Dec-14 | 3.6 |
| Mar-15 | 3.6 |
| Jun-15 | 0 |
| Sept-15 | 0.1 |
| Dec-15 | 0.4 |
| Mar-16 | 0.5 |
| Jun-16 | 1.7 |
| Sept-16 | 2.3 |
| Dec-16 | 2.3 |
| Mar-17 | 2.2 |
| Jun-17 | 1.9 |
| Sept-17 | 1.6 |
| Dec-17 | 2 |
| Mar-18 | 2.7 |
| Jun-18 | 2.9 |
| Sept-18 | 2.5 |
| Dec-18 | 2.1 |
| Mar-19 | 2.6 |
| Jun-19 | 1.4 |
| Sept-19 | 1.4 |
| Dec-19 | 1.4 |
| Mar-20 | 1.3 |
| Jun-20 | 1.3 |
| Sept-20 | 1.5 |
| Dec-20 | 0.5 |
| Mar-21 | -0.4 |
| Jun-21 | -0.6 |
| Sept-21 | -0.8 |
| Dec-21 | -0.7 |
| Mar-22 | 0.3 |
| Jun-22 | 1.7 |
| Sept-22 | 0.3 |
| Dec-22 | 2.4 |
| Mar-23 | 3.2 |
| Jun-23 | 4.2 |
| Sept-23 | 4 |
| Dec-23 | 4.9 |
| Mar-24 | 3.1 |
| Jun-24 | 3.5 |
| Sept-24 | 5.9 |
| Dec-24 | 4.6 |
| Mar-25 | 6.5 |
| Jun-25 | 8.4 |
| Sept-25 | 11.3 |
The 2.6 percent increase in rents was the smallest annual increase in over four years. Rents increased 2.9 percent in the 12 months to June 2021.
Of the five broad regions measured by Stats NZ, rent prices in Canterbury and Rest of South Island had the largest annual increases, both up 4.3 percent. Wellington had the smallest annual increase, up 0.1 percent.
| Period ended | Auckland | Canterbury | Rest of North Island | Rest of South Island | Wellington |
| Sept-15 | 3 | 3.1 | 1.2 | 1.9 | 1.3 |
| Dec-15 | 3.3 | 2.3 | 1.9 | 2 | 1.4 |
| Mar-16 | 3.2 | 1.2 | 2.1 | 2.1 | 1.4 |
| Jun-16 | 3.5 | 0.1 | 2.1 | 1.9 | 1.2 |
| Sept-16 | 3.4 | -0.6 | 2.4 | 1.1 | 1.3 |
| Dec-16 | 3.2 | -0.8 | 2.2 | 1.2 | 1.6 |
| Mar-17 | 3.1 | -0.8 | 2.4 | 1.5 | 2.1 |
| Jun-17 | 2.9 | -2 | 2.7 | 1.9 | 2.8 |
| Sept-17 | 2.7 | -1.9 | 2.7 | 2.2 | 3.7 |
| Dec-17 | 2.7 | -1.7 | 2.7 | 2.1 | 3.6 |
| Mar-18 | 2.5 | -1.5 | 2.7 | 1.8 | 4.2 |
| Jun-18 | 2.5 | 0.3 | 2.7 | 2.1 | 4.2 |
| Sept-18 | 2.4 | 0.4 | 2.7 | 1.9 | 3.8 |
| Dec-18 | 2.2 | 0.8 | 2.9 | 2.8 | 4 |
| Mar-19 | 2.2 | 0.6 | 2.9 | 2.9 | 3.3 |
| Jun-19 | 2 | 0.9 | 3.6 | 3.3 | 3.8 |
| Sept-19 | 1.8 | 1.3 | 4.3 | 4 | 4.1 |
| Dec-19 | 1.9 | 1.3 | 4.9 | 4.1 | 4.5 |
| Mar-20 | 2.1 | 2 | 5.8 | 5.3 | 5.7 |
| Jun-20 | 1.9 | 1.7 | 5.6 | 4.5 | 5.3 |
| Sept-20 | 1.6 | 1.6 | 5.7 | 3.6 | 5.1 |
| Dec-20 | 1.3 | 1.5 | 5.6 | 2.7 | 4.9 |
| Mar-21 | 1.1 | 1.5 | 5.7 | 2 | 4.3 |
| Jun-21 | 1.2 | 1.8 | 6.2 | 2.1 | 4.7 |
| Sept-21 | 1.4 | 2.3 | 6.5 | 2.7 | 4.9 |
| Dec-21 | 2 | 3.3 | 6.9 | 3.9 | 5.5 |
| Mar-22 | 2.1 | 3.9 | 6.6 | 4.5 | 5.3 |
| Jun-22 | 2.5 | 4.9 | 6.5 | 5.4 | 5.6 |
| Sept-22 | 2.7 | 5.6 | 6.7 | 5.8 | 5.6 |
| Dec-22 | 2.4 | 5.8 | 6.7 | 5.9 | 4.7 |
| Mar-23 | 2.4 | 6.1 | 6.8 | 6.3 | 4 |
| Jun-23 | 2.4 | 6.3 | 6.6 | 6.8 | 3.1 |
| Sept-23 | 2.9 | 6.5 | 6.6 | 7.4 | 2.6 |
| Dec-23 | 3.3 | 6.5 | 6.3 | 7.4 | 2.3 |
| Mar-24 | 3.7 | 6.6 | 6.1 | 7.4 | 2.2 |
| Jun-24 | 4.1 | 6.7 | 5.7 | 7 | 2.1 |
| Sept-24 | 3.9 | 6.4 | 5.2 | 6.6 | 2 |
| Dec-24 | 3.6 | 6 | 4.7 | 6.2 | 1.8 |
| Mar-25 | 3.1 | 5.5 | 4.2 | 5.4 | 1.3 |
| Jun-25 | 2.5 | 5.1 | 4.1 | 5.1 | 1.1 |
| Sept-25 | 1.7 | 4.3 | 3.5 | 4.3 | 0.1 |
Local authority rates and payments are measured once a year in the September quarter and have been one of the main drivers of annual inflation in recent years.
"The annual increase in rates in the September 2025 quarter was lower than the 12.2 percent increase in the September 2024 quarter, but higher than the average increase of around 7.3 percent observed between 2018 and 2025," Growden said.
| Period ended | Local authority rates and payments |
| Sept-18 | 5.1 |
| Sept-19 | 4.9 |
| Sept-20 | 3.1 |
| Sept-21 | 7.1 |
| Sept-22 | 7.3 |
| Sept-23 | 9.8 |
| Sept-24 | 12.2 |
| Sept-25 | 8.8 |
Pharmaceutical products, telecommunications equipment, and petrol all fell in price over the year.
Quarterly inflation at 1.0 percent
The CPI rose 1.0 percent in the September 2025 quarter, compared with the June 2025 quarter.
| Period ended | CPI all groups (quarterly) |
| Sept-21 | 2.2 |
| Dec-21 | 1.4 |
| Mar-22 | 1.8 |
| Jun-22 | 1.7 |
| Sept-22 | 2.2 |
| Dec-22 | 1.4 |
| Mar-23 | 1.2 |
| Jun-23 | 1.1 |
| Sept-23 | 1.8 |
| Dec-23 | 0.5 |
| Mar-24 | 0.6 |
| Jun-24 | 0.4 |
| Sept-24 | 0.6 |
| Dec-24 | 0.5 |
| Mar-25 | 0.9 |
| Jun-25 | 0.5 |
| Sept-25 | 1 |
Local authority rates and payments, up 8.8 percent, was the largest upwards contributor to the quarterly rise (28 percent of the 1.0 percent quarterly rise).
Vegetables, up 12.2 percent, also contributed (15 percent of the 1.0 percent quarterly rise).
"Seasonal rises for tomatoes, cabbage, capsicums, lettuce, and broccoli all contributed to the rise in vegetable prices," Growden said.
