New Zealand's consumers price index (CPI) increased 3.1 percent in the 12 months to the March 2026 quarter, according to figures released by Stats NZ today.
The 3.1 percent increase follows a 3.1 percent increase in the 12 months to the December 2025 quarter. The Reserve Bank of New Zealand's target band for the annual inflation rate is 1 to 3 percent.
The largest upwards contributor to the annual inflation rate was electricity, up 12.5 percent.
"Higher electricity prices accounted for more than a tenth of the 3.1 percent annual increase," prices and deflators spokesperson Nicola Growden said.
"This was the third quarter in a row that electricity was the largest upwards contributor to the annual inflation rate."
| Quarter | Percentage change |
| 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 |
| Dec-25 | 3.1 |
| Mar-26 | 3.1 |
| Quarter | Percentage change |
| 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 |
| Dec-25 | 12.2 |
| Mar-26 | 12.5 |
Other notable contributors to the annual CPI increase were:
- local authority rates and payments - up 8.8 percent (8.7 percent contribution to the 3.1 percent annual inflation rate)
- meat and poultry - up 8.6 percent (6.4 percent contribution)
- rent - up 1.2 percent (4.6 percent contribution)
- petrol - up 1.1 percent (1.3 percent contribution).
The 1.2 percent increase in rent was the smallest annual increase in 16 years. Rent increased 1.2 percent in the 12 months to March 2010.
| Quarter | Percentage change |
| Mar-09 | 2.1 |
| Jun-09 | 1.7 |
| Sept-09 | 1.1 |
| Dec-09 | 1 |
| Mar-10 | 1.2 |
| Jun-10 | 1.4 |
| Sept-10 | 1.7 |
| Dec-10 | 1.6 |
| Mar-11 | 1.7 |
| Jun-11 | 1.8 |
| Sept-11 | 1.8 |
| Dec-11 | 2 |
| Mar-12 | 2.3 |
| Jun-12 | 2.3 |
| Sept-12 | 2.4 |
| Dec-12 | 2.4 |
| Mar-13 | 2.2 |
| Jun-13 | 2.1 |
| Sept-13 | 2 |
| Dec-13 | 2.1 |
| Mar-14 | 2 |
| Jun-14 | 2.2 |
| Sept-14 | 2.2 |
| Dec-14 | 2.1 |
| Mar-15 | 2.3 |
| Jun-15 | 2.3 |
| Sept-15 | 2.3 |
| Dec-15 | 2.5 |
| Mar-16 | 2.3 |
| Jun-16 | 2.3 |
| Sept-16 | 2.1 |
| Dec-16 | 2 |
| Mar-17 | 2.3 |
| Jun-17 | 2.1 |
| Sept-17 | 2.2 |
| Dec-17 | 2.3 |
| Mar-18 | 2.1 |
| Jun-18 | 2.5 |
| Sept-18 | 2.3 |
| Dec-18 | 2.4 |
| Mar-19 | 2.4 |
| Jun-19 | 2.5 |
| Sept-19 | 2.9 |
| Dec-19 | 3.1 |
| Mar-20 | 3.7 |
| Jun-20 | 3.4 |
| Sept-20 | 3.1 |
| Dec-20 | 2.9 |
| Mar-21 | 2.7 |
| Jun-21 | 2.9 |
| Sept-21 | 3.2 |
| Dec-21 | 3.8 |
| Mar-22 | 4 |
| Jun-22 | 4.3 |
| Sept-22 | 4.6 |
| Dec-22 | 4.4 |
| Mar-23 | 4.3 |
| Jun-23 | 4.2 |
| Sept-23 | 4.4 |
| Dec-23 | 4.5 |
| Mar-24 | 4.7 |
| Jun-24 | 4.8 |
| Sept-24 | 4.5 |
| Dec-24 | 4.2 |
| Mar-25 | 3.7 |
| Jun-25 | 3.2 |
| Sept-25 | 2.6 |
| Dec-25 | 1.9 |
| Mar-26 | 1.2 |
Audio-visual equipment; real estate services; and oils and fats all fell in price in the year ending March 2026.
Quarterly inflation at 0.9 percent
The CPI rose 0.9 percent in the March 2026 quarter, compared with the December 2025 quarter.
| Quarter | CPI all groups (quarterly) |
| 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 |
| Dec-25 | 0.6 |
| Mar-26 | 0.9 |
Higher petrol prices were the largest contributor to the quarterly inflation rate, up 3.5 percent. Petrol prices fell in January and February but rose in March.
Selected price indexes: March 2026 has more information on monthly fuel price movements.
| Quarter | Percentage change |
| Mar-16 | -7.7 |
| Jun-16 | 5.3 |
| Sept-16 | -1.7 |
| Dec-16 | 4.1 |
| Mar-17 | 4.1 |
| Jun-17 | -1.9 |
| Sept-17 | -1.7 |
| Dec-17 | 6.1 |
| Mar-18 | 2.7 |
| Jun-18 | 3.2 |
| Sept-18 | 5.5 |
| Dec-18 | -0.6 |
| Mar-19 | -7 |
| Jun-19 | 5.8 |
| Sept-19 | -0.8 |
| Dec-19 | 1.6 |
| Mar-20 | -2.3 |
| Jun-20 | -12.1 |
| Sept-20 | 1.7 |
| Dec-20 | 0.3 |
| Mar-21 | 7.2 |
| Jun-21 | 6.1 |
| Sept-21 | 6.5 |
| Dec-21 | 7.7 |
| Mar-22 | 8.8 |
| Jun-22 | 6.2 |
| Sept-22 | -4.5 |
| Dec-22 | -7.2 |
| Mar-23 | -2.6 |
| Jun-23 | -1.5 |
| Sept-23 | 16.5 |
| Dec-23 | 0 |
| Mar-24 | -2.3 |
| Jun-24 | 0.7 |
| Sept-24 | -6.5 |
| Dec-24 | -1.3 |
| Mar-25 | 4.6 |
| Jun-25 | -4.8 |
| Sept-25 | 0.1 |
| Dec-25 | 2.5 |
| Mar-26 | 3.5 |
"Petrol is the third-largest expense item for New Zealand households after rent and construction," Growden said.
Petrol accounts for around 3.5 percent of typical household spending, as determined in the 2024 CPI reweight using household spending data.
Prices for pharmaceutical products also increased in the March 2026 quarter - up 17.7 percent, driven by an increase in prescription charges. The prescription count for the prescription subsidy scheme reset on 1 February 2026, meaning households who had previously exceeded the 20-prescription threshold, and were receiving free prescriptions, now had to pay the prescription co-payment.
Together, petrol and pharmaceutical products accounted for more than a quarter of the 0.9 percent quarterly CPI increase.
Excluding the effect of petrol, the CPI rose 0.8 percent in the March 2026 quarter.
Other large contributors to the quarterly CPI increase were confectionery, nuts, and snacks; fruit; and electricity.
Lower prices were recorded for international air transport, down 7.0 percent.
"Airfares to Europe, Australia, and the Pacific Islands drove the fall in international airfare prices in the March 2026 quarter," Growden said.
