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New Zealand Inflation Rate (CPI/HICP)
New Zealand's headline Consumer Price Index (CPI) measures the quarterly change in the price level of a representative basket of consumer goods and services. It is the primary inflation measure monitored by the Reserve Bank of New Zealand.
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Why Inflation Rate (CPI/HICP) matters for NZD
Central banks, including the Reserve Bank of New Zealand, set policy rates in response to inflation. An above-target CPI print increases the probability of a rate hike, which is typically nzd-positive, while below-target inflation raises rate-cut odds and can weaken the currency.
How to interpret this series
An inflation reading above consensus or above the Reserve Bank of New Zealand's target band is hawkish and supports the nzd. A downside surprise is dovish and tends to weigh on the currency, particularly when inflation has been trending lower for several months.
Historical Inflation Rate (CPI/HICP)
Source: Stats NZ. Cadence: Quarterly. Unit: %YoY. History from 2015-03-31 (11.2 years).
Recent announcements
Each release gets a durable child page so data, forecast, previous value, and raw fields can be cited directly.
Related New Zealand indicators
Move to adjacent releases in the same macro category.
Core Inflation
CPI excluding volatile items like food and energy.
Current Account Balance
Measures trade in goods and services and income flows.
Dairy Exports
Monthly New Zealand dairy export value from official Stats NZ overseas merchandise trade HS10 export data.
Gross Domestic Product (GDP) Growth
GDP growth: the quarterly change in the inflation-adjusted value of all goods and services produced in the economy.
Producer Price Index (PPI)
Measures the average change over time in the selling prices received by domestic producers for their output.
Trade Balance
The difference between the value of a country's exports and imports.
Trade-Weighted Index (NEER)
Nominal Effective Exchange Rate (NEER) measuring the value of a currency relative to a basket of trading partners' currencies, weighted by trade volumes. Published monthly by the BIS.
Common questions
Editorial context for readers and AI agents using this page as a cited country indicator source.
What is the Reserve Bank of New Zealand's inflation target?
Most major central banks target annual inflation near 2%. Check the Reserve Bank of New Zealand's current monetary policy statement for the official target.
How is headline CPI different from core CPI?
Headline CPI includes all items, notably food and energy, which are volatile. Core CPI strips these out to give a cleaner read of underlying price pressure.
Which currency endpoint serves New Zealand CPI data?
Historical CPI data for New Zealand is available at /api/v1/announcements/nzd/inflation.