Consumers Price Index: December 2025 Quarter

The consumers price index (CPI) measures the rate of price change of goods and services purchased by New Zealand households.

Key facts

The following table shows the price changes for the December 2025 quarter.

Quarterly change

Within the 0.6 percent rise in the CPI in the December 2025 quarter, higher prices were recorded for:

• international air transport, up 7.2 percent (20.0 percent contribution to the 0.6 percent rise for all groups)
• petrol, up 2.5 percent (13.2 percent contribution to all groups)
• telecommunication services, up 2.8 percent (9.1 percent contribution to all groups).

Lower prices were recorded for:

• vegetables, down 16.5 percent (-34.6 percent contribution to all groups)
• pharmaceutical products, down 4.3 percent (-4.7 percent contribution to all groups).

Annual change

Within the 3.1 percent increase in the CPI in the 12 months to the December 2025 quarter, higher prices were recorded for:

• electricity, up 12.2 percent (10.3 percent contribution to the 3.1 percent rise for all groups)
• local authority rates, up 8.8 percent (8.7 percent contribution to all groups)
• actual rentals for housing, up 1.9 percent (6.9 percent contribution to all groups).

Lower prices were recorded for:

• audio-visual equipment, down 18.5 percent (-1.4 percent contribution to all groups)
• pharmaceutical products, down 9.4 percent (-2.3 percent contribution to all groups).

Tradeable and non-tradeable inflation

Tradeable inflation measures final goods and services that are influenced by foreign markets.

Within the 2.6 percent increase in tradeable inflation in the 12 months to the December 2025 quarter, higher prices were recorded for:

• meat and poultry, up 12.1 percent (16.2 percent contribution to the 2.6 percent rise for all groups tradeable)
• overseas accommodation, up 9.0 percent (16.0 percent contribution to all groups tradeable).

Lower prices were recorded for:

• audio-visual equipment, down 18.6 percent (-3.9 percent contribution to all groups tradeable)
• games, toys, and hobbies, down 5.8 percent (-3.8 percent contribution to all groups tradeable).

Non-tradeable inflation measures final goods and services that do not face foreign competition and is an indicator of domestic demand and supply conditions. However, the inputs of these goods and services can be influenced by foreign competition.

Within the 3.5 percent increase in non-tradeable inflation in the 12 months to the December 2025 quarter, higher prices were recorded for:

• electricity, up 12.2 percent (16.2 percent contribution to the 3.5 percent rise for all groups non-tradeable)
• local authority rates and payments, up 8.8 percent (13.7 percent contribution to all groups non-tradeable).

Lower prices were recorded for:

• pharmaceutical products, down 81.1 percent (-3.1 percent contribution to all groups non-tradeable)
• domestic air transport, down 7.7 percent (-2.0 percent contribution to all groups non-tradeable).

Annual inflation, international comparisons

OECD Inflation has more data on international inflation rates.

More data

Use Infoshare to access the CPI time series:

Subject category: Economic indicators
Group: Consumers price index

Definitions and metadata

Consumers price index concepts - DataInfo+ gives definitions of terms used in this release and general methodology used to produce the CPI and related metadata.

Consumers price index - DataInfo+ gives general methodology used to produce the CPI and related metadata.

Technical enquiries

Krutarth Patel
[email protected]
04 931 4600

ISSN 1178-0452

Next release

Consumers price index: March 2026 quarter will be released on 21 April 2026.