- Hon Chris Bishop
Acting Finance Minister Chris Bishop has welcomed the latest figures showing inflation remaining within the Reserve Bank's target range.
Stats NZ reported today that annual Consumers Price Index (CPI) inflation rose from 2.7 per cent in the year to June to 3 per cent in the year to September 2025.
"This is the quarter in which most economists were expecting inflation to peak so it is pleasing to see it remain within the Reserve Bank's target range of 1 to 3 per cent.
"Expectations are that the rate will decline towards 2 per cent in the first half of next year, easing pressure on households and businesses.
"However, continued discipline will be required by the Government to ensure inflation does not return to the 7.3 per cent peak it reached under the previous government in 2022.
"Top contributors to the annual increase included electricity - up 11.3 per cent - and local authority rates and payments up 8.8 per cent.
"Encouragingly, domestic inflation continues to fall. It is down from 3.7 per cent in the June quarter, to 3.5 per cent. This is the lowest rate since mid-2021, and is down from a high of 6.8 per cent in the March quarter of 2023.
"Stats NZ's update highlights the importance of increasing electricity supply and competition, and the significant impact that local government rates have on New Zealanders' wallets."
