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 March 2025 quarter.
Description |
Quarterly percentage change |
Annual percentage change |
CPI all groups |
0.9 |
2.5 |
Tradeables |
0.8 |
0.3 |
Non-tradeables |
1.1 |
4.0 |
CPI excluding food group, household |
0.5 |
2.6 |
Note: Tables 3.01, 3.02, and 3.03 in the Excel file under Download data have more analytical groupings. |
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| Period ended | CPI all groups (quarterly) |
| Mar-21 | 0.8 |
| 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 |
| Period ended | CPI all groups (annual) | Tradeables (annual) | Non-tradeables (annual) |
| Mar-21 | 1.5 | 0.5 | 2.1 |
| Jun-21 | 3.3 | 3.4 | 3.3 |
| Sep-21 | 4.9 | 5.7 | 4.5 |
| Dec-21 | 5.9 | 6.9 | 5.3 |
| Mar-22 | 6.9 | 8.5 | 6 |
| Jun-22 | 7.3 | 8.7 | 6.3 |
| Sep-22 | 7.2 | 8.1 | 6.6 |
| Dec-22 | 7.2 | 8.2 | 6.6 |
| Mar-23 | 6.7 | 6.4 | 6.8 |
| Jun-23 | 6 | 5.2 | 6.6 |
| Sep-23 | 5.6 | 4.7 | 6.3 |
| Dec-23 | 4.7 | 3 | 5.9 |
| Mar-24 | 4 | 1.6 | 5.8 |
| Jun-24 | 3.3 | 0.3 | 5.4 |
| Sep-24 | 2.2 | -1.6 | 4.9 |
| Dec-24 | 2.2 | -1.1 | 4.5 |
| Mar-25 | 2.5 | 0.3 | 4 |
Quarterly change
Within the 0.9 percent rise in the CPI in the March 2025 quarter, higher prices were recorded for:
- petrol, up 4.6 percent (16.9 percent contribution to the 0.9 percent rise for all groups)
- tertiary and other post-school education, up 22.6 percent (10.7 percent contribution to all groups)
- milk, cheese and eggs, up 5.6 percent (9.5 percent contribution to all groups).
These were partly offset by lower prices for:
- international air transport, down 7.7 percent (-15.1 percent contribution to all groups)
- games, toys and hobbies, down 7.1 percent (-5.5 percent contribution to all groups).
| Group | Percentage point contribution |
| Food | 0.341 |
| Alcoholic beverages and tobacco | 0.103 |
| Clothing and footwear | 0.01 |
| Housing and household utilities | 0.235 |
| Housing contents and services | -0.018 |
| Health | 0.012 |
| Transport | 0.124 |
| Communication | 0.008 |
| Recreation and culture | -0.007 |
| Education | 0.133 |
| Miscellaneous goods and services | 0.06 |
Annual change
Within the 2.5 percent increase in the CPI in the 12 months to the March 2025 quarter, higher prices were recorded for:
- actual rentals for housing, up 3.7 percent (14.3 percent contribution to the 2.5 percent rise for all groups)
- local authority rates and payments, up 12.2 percent (13.9 percent contribution to all groups)
- purchase of housing, up 1.9 percent (7.1 percent contribution to all groups).
These were partly offset by lower prices for:
- petrol, down 2.8 percent (-5.5 percent contribution to all groups)
- early childhood education, down 22.8 percent (-5.0 percent contribution to all groups).
| Group | Percentage point contribution |
| Food | 0.485 |
| Alcoholic beverages and tobacco | 0.214 |
| Clothing and footwear | -0.026 |
| Housing and household utilities | 1.206 |
| Housing contents and services | -0.003 |
| Health | 0.179 |
| Transport | -0.038 |
| Communication | 0.075 |
| Recreation and culture | 0.081 |
| Education | 0.004 |
| Miscellaneous goods and services | 0.324 |
Tradeable and non-tradeable inflation
Tradeable inflation measures final goods and services that are influenced by foreign markets.
Within the 0.3 percent increase in tradeable inflation in the 12 months to the March 2025 quarter, higher prices were recorded for:
- milk, cheese and eggs, up 8.7 percent (78.2 percent contribution to the 0.3 percent rise for all groups tradeable)
- meat and poultry, up 6.9 percent (68.8 percent contribution to all groups tradeable).
These were partly offset by lower prices for:
- petrol, down 2.8 percent (-98.9 percent contribution to all groups tradeable)
- vegetables, down 8.6 percent (-78.5 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 4.0 percent increase in non-tradeable inflation in the 12 months to the March 2025 quarter, higher prices were recorded for:
- actual rentals for housing, up 3.7 percent (15.6 percent contribution to the 4.0 percent rise for all groups non-tradeable)
- local authority rates and payments, up 12.2 percent (15.0 percent contribution to all groups non-tradeable).
These were partly offset by lower prices for:
- early childhood education, down 22.8 percent (-5.4 percent contribution to all groups non-tradeable)
- domestic accommodation, down 13.8 percent (-5.1 percent contribution to all groups non-tradeable).
Annual inflation, international comparisons
Country |
12-month inflation rate |
Time reference |
New Zealand |
2.5 |
March 2025 |
Australia |
2.4 |
February 2025 |
United Kingdom |
2.8 |
February 2025 |
United States of America |
2.4 |
March 2025 |
OECD average |
4.5 |
February 2025 |
European Union |
2.7 |
February 2025 |
* Australia's inflation rate is taken from the monthly indicator release. ** United Kingdom's CPI figure is not their headline figure, which is 'Consumer Prices Index including owner occupiers' housing costs (CPIH)'. |
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OECD Inflation has more data on international inflation rates.
New items and new weights after 2024 CPI review
This quarter we implemented the 2024 consumers price index review. We conducted a review of items in the CPI basket and their relative importance, based on current household expenditure. As spending patterns change over time, we update our basket of goods and services to ensure we are accurately tracking the price changes households are experiencing.
Consumers price index review: 2024 has more information.
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
Alex Heath
04 931 4600
[email protected]
ISSN 1178-0452
Next release
Consumers price index: June 2025 quarter will be released on 21 July 2025.
