The graph above displays annual inflation rates in New Zealand for calendar years from 1926 to 2023. To calculate cumulative rates between two different periods, you can use the New Zealand Inflation Calculator.
The table below contains annual inflation rates in New Zealand from 1926. The 'Inflation %' column indicates how much prices have changed since the previous year.
The 5-year and 10-year columns display the rolling average of the yearly inflation. For example, the 5-year avg. on the first row indicates that between 2018 and 2023, the average inflation rate was 4.01%. These values can be useful for long-term analysis and forecasting.
| Year | Inflation | 5-year Avg. | 10-year Avg. |
|---|---|---|---|
| 1926 | -0.61 | - | - |
| 1927 | -0.92 | - | - |
| 1928 | 0.62 | - | - |
| 1929 | -0.47 | - | - |
| 1930 | -3.99 | - | - |
| 1931 | -7.79 | -2.20 | - |
| 1932 | -9.23 | -3.62 | - |
| 1933 | -0.74 | -4.53 | - |
| 1934 | 1.25 | -4.21 | - |
| 1935 | 5.56 | -3.12 | - |
| 1936 | 3.27 | -0.99 | -1.59 |
| 1937 | 7.25 | 2.01 | -0.84 |
| 1938 | 0.63 | 3.56 | -0.56 |
| 1939 | 7.66 | 4.21 | -0.09 |
| 1940 | 2.73 | 4.29 | 0.52 |
| 1941 | 3.80 | 4.47 | 1.71 |
| 1942 | 3.93 | 3.73 | 2.87 |
| 1943 | 1.41 | 3.63 | 3.60 |
| 1944 | 1.47 | 3.06 | 3.63 |
| 1945 | 1.28 | 2.50 | 3.39 |
| 1946 | -0.17 | 1.91 | 3.18 |
| 1947 | 10.14 | 1.92 | 2.82 |
| 1948 | 1.61 | 2.96 | 3.30 |
| 1949 | 1.80 | 2.95 | 3.00 |
| 1950 | 8.55 | 3.81 | 3.16 |
| 1951 | 11.95 | 5.85 | 3.86 |
| 1952 | 4.61 | 6.75 | 4.30 |
| 1953 | 5.56 | 6.09 | 4.51 |
| 1954 | 2.42 | 6.70 | 4.80 |
| 1955 | 2.50 | 6.04 | 4.92 |
| 1956 | 4.61 | 4.56 | 5.20 |
| 1957 | 1.81 | 3.46 | 5.09 |
| 1958 | 6.46 | 3.44 | 4.76 |
| 1959 | 1.14 | 3.29 | 4.98 |
| 1960 | 1.57 | 2.92 | 4.47 |
| 1961 | 2.14 | 2.58 | 3.57 |
| 1962 | 2.10 | 2.68 | 3.07 |
| 1963 | 2.22 | 2.19 | 2.81 |
| 1964 | 4.50 | 2.12 | 2.70 |
| 1965 | 2.38 | 2.66 | 2.79 |
| 1966 | 2.36 | 2.85 | 2.72 |
| 1967 | 6.56 | 3.52 | 3.10 |
| 1968 | 5.07 | 3.99 | 3.09 |
| 1969 | 3.97 | 4.28 | 3.20 |
| 1970 | 9.95 | 4.90 | 3.78 |
| 1971 | 9.13 | 6.42 | 4.62 |
| 1972 | 5.46 | 6.59 | 5.05 |
| 1973 | 10.16 | 7.37 | 5.67 |
| 1974 | 12.55 | 8.61 | 6.42 |
| 1975 | 15.70 | 10.22 | 7.53 |
| 1976 | 15.64 | 11.50 | 8.93 |
| 1977 | 15.32 | 13.01 | 9.75 |
| 1978 | 10.10 | 13.79 | 10.53 |
| 1979 | 16.53 | 14.32 | 11.42 |
| 1980 | 16.13 | 14.80 | 12.49 |
| 1981 | 15.70 | 14.50 | 12.99 |
| 1982 | 15.30 | 14.85 | 13.93 |
| 1983 | 3.60 | 13.89 | 13.84 |
| 1984 | 9.40 | 12.34 | 13.32 |
| 1985 | 15.27 | 12.01 | 13.40 |
| 1986 | 18.24 | 11.58 | 13.03 |
| 1987 | 9.59 | 11.50 | 13.17 |
| 1988 | 4.71 | 11.30 | 12.59 |
| 1989 | 7.20 | 11.21 | 11.77 |
| 1990 | 4.85 | 9.35 | 10.67 |
| 1991 | 0.98 | 7.22 | 9.38 |
| 1992 | 1.32 | 4.34 | 7.86 |
| 1993 | 1.39 | 3.32 | 7.24 |
| 1994 | 2.80 | 2.53 | 6.78 |
| 1995 | 2.92 | 2.08 | 5.65 |
| 1996 | 2.55 | 2.01 | 4.58 |
| 1997 | 0.83 | 2.05 | 3.19 |
| 1998 | 0.37 | 2.04 | 2.68 |
| 1999 | 0.51 | 1.67 | 2.10 |
| 2000 | 3.98 | 1.44 | 1.76 |
| 2001 | 1.82 | 1.51 | 1.76 |
| 2002 | 2.72 | 1.81 | 1.93 |
| 2003 | 1.55 | 1.91 | 1.97 |
| 2004 | 2.70 | 2.39 | 2.03 |
| 2005 | 3.16 | 2.48 | 1.96 |
| 2006 | 2.63 | 2.62 | 2.07 |
| 2007 | 3.18 | 2.56 | 2.18 |
| 2008 | 3.38 | 3.00 | 2.45 |
| 2009 | 1.96 | 2.97 | 2.68 |
| 2010 | 4.03 | 2.82 | 2.65 |
| 2011 | 1.85 | 2.95 | 2.79 |
| 2012 | 0.95 | 2.69 | 2.62 |
| 2013 | 1.63 | 2.12 | 2.56 |
| 2014 | 0.76 | 1.94 | 2.46 |
| 2015 | 0.08 | 1.54 | 2.18 |
| 2016 | 1.34 | 0.87 | 1.91 |
| 2017 | 1.59 | 1.03 | 1.85 |
| 2018 | 1.89 | 1.12 | 1.62 |
| 2019 | 1.85 | 1.20 | 1.57 |
| 2020 | 1.44 | 1.48 | 1.51 |
| 2021 | 5.95 | 2.14 | 1.50 |
| 2022 | 7.22 | 3.19 | 2.10 |
| 2023 | 4.66 | 4.01 | 2.56 |
The following table contains YoY (year-over-year) inflation rates calculated from quarterly CPI data publications. The value of each quarter indicates the rolling average inflation rate for the last 12 months.
This information is particularly useful to track inflation for the current year as it's not possible to calculate the final value until the year is over.
The values on the Q4 column are equivalent to annual inflation rates. For example, the 4.66% rate shown under 2023 and Q4 matches the value shown in the table above as the annual inflation rate.
| Year | Q1 | Q2 | Q3 | Q4 | Avg. |
|---|---|---|---|---|---|
| 1926 | 1.75 | 0.12 | -0.61 | 0.42 | |
| 1927 | -0.06 | -0.86 | -1.41 | -0.92 | -0.81 |
| 1928 | -0.74 | 0.25 | 0.19 | 0.62 | 0.08 |
| 1929 | 0.06 | -0.74 | 0.02 | -0.47 | -0.28 |
| 1930 | -0.62 | -1.03 | -2.29 | -3.99 | -1.98 |
| 1931 | -6.43 | -7.78 | -9.08 | -7.79 | -7.77 |
| 1932 | -6.12 | -8.11 | -7.86 | -9.23 | -7.83 |
| 1933 | -8.91 | -5.13 | -3.05 | -0.74 | -4.46 |
| 1934 | 0.88 | 2.01 | 1.38 | 1.25 | 1.38 |
| 1935 | 2.74 | 2.83 | 3.84 | 5.56 | 3.74 |
| 1936 | 1.69 | 2.51 | 3.82 | 3.27 | 2.83 |
| 1937 | 6.90 | 7.36 | 6.55 | 7.25 | 7.02 |
| 1938 | 5.01 | 3.48 | 2.70 | 0.63 | 2.96 |
| 1939 | 2.76 | 3.36 | 4.52 | 7.66 | 4.57 |
| 1940 | 4.54 | 4.68 | 4.72 | 2.73 | 4.17 |
| 1941 | 4.24 | 3.89 | 2.98 | 3.80 | 3.73 |
| 1942 | 2.27 | 2.62 | 4.19 | 3.93 | 3.25 |
| 1943 | 3.98 | 2.64 | 1.79 | 1.41 | 2.46 |
| 1944 | 1.78 | 2.04 | 1.67 | 1.47 | 1.74 |
| 1945 | 1.75 | 1.31 | 1.12 | 1.28 | 1.37 |
| 1946 | 0.95 | 1.03 | 1.28 | -0.17 | 0.77 |
| 1947 | 0.34 | 0.85 | 1.77 | 10.14 | 3.28 |
| 1948 | 10.10 | 10.62 | 9.54 | 1.61 | 7.97 |
| 1949 | 2.08 | 1.12 | 1.63 | 1.80 | 1.66 |
| 1950 | 2.00 | 4.99 | 7.20 | 8.55 | 5.68 |
| 1951 | 9.90 | 11.12 | 11.04 | 11.95 | 11.00 |
| 1952 | 11.78 | 8.64 | 6.38 | 4.61 | 7.85 |
| 1953 | 4.31 | 4.09 | 4.13 | 5.56 | 4.52 |
| 1954 | 5.36 | 5.90 | 4.86 | 2.42 | 4.63 |
| 1955 | 2.98 | 2.29 | 2.28 | 2.50 | 2.51 |
| 1956 | 2.16 | 2.56 | 4.61 | 4.61 | 3.48 |
| 1957 | 2.76 | 2.82 | 1.33 | 1.81 | 2.18 |
| 1958 | 2.69 | 2.27 | 6.30 | 6.46 | 4.43 |
| 1959 | 6.55 | 5.74 | 2.12 | 1.14 | 3.89 |
| 1960 | 0.53 | 0.44 | 0.26 | 1.57 | 0.70 |
| 1961 | 1.57 | 1.39 | 2.07 | 2.14 | 1.80 |
| 1962 | 2.92 | 3.27 | 2.46 | 2.10 | 2.69 |
| 1963 | 1.84 | 1.92 | 1.90 | 2.22 | 1.97 |
| 1964 | 2.54 | 3.02 | 3.81 | 4.50 | 3.47 |
| 1965 | 4.32 | 3.57 | 3.36 | 2.38 | 3.41 |
| 1966 | 2.84 | 3.28 | 2.55 | 2.36 | 2.76 |
| 1967 | 4.22 | 6.44 | 6.98 | 6.56 | 6.05 |
| 1968 | 4.99 | 3.57 | 3.63 | 5.07 | 4.32 |
| 1969 | 5.47 | 5.22 | 5.07 | 3.97 | 4.93 |
| 1970 | 4.76 | 5.21 | 6.08 | 9.95 | 6.50 |
| 1971 | 10.31 | 11.03 | 11.15 | 9.13 | 10.40 |
| 1972 | 8.46 | 7.42 | 6.50 | 5.46 | 6.96 |
| 1973 | 5.97 | 7.57 | 8.89 | 10.16 | 8.15 |
| 1974 | 10.31 | 9.97 | 11.51 | 12.55 | 11.08 |
| 1975 | 13.21 | 14.91 | 14.80 | 15.70 | 14.66 |
| 1976 | 17.17 | 17.72 | 17.19 | 15.64 | 16.93 |
| 1977 | 13.66 | 14.03 | 14.44 | 15.32 | 14.36 |
| 1978 | 14.63 | 12.27 | 11.12 | 10.10 | 12.03 |
| 1979 | 10.39 | 12.42 | 15.19 | 16.53 | 13.63 |
| 1980 | 18.38 | 17.93 | 16.34 | 16.13 | 17.20 |
| 1981 | 15.24 | 15.08 | 15.43 | 15.70 | 15.36 |
| 1982 | 15.81 | 16.98 | 16.61 | 15.30 | 16.17 |
| 1983 | 12.65 | 8.29 | 5.39 | 3.60 | 7.48 |
| 1984 | 3.47 | 4.72 | 7.01 | 9.40 | 6.15 |
| 1985 | 13.41 | 16.62 | 16.32 | 15.27 | 15.40 |
| 1986 | 12.96 | 10.42 | 11.03 | 18.24 | 13.16 |
| 1987 | 18.29 | 18.94 | 16.95 | 9.59 | 15.94 |
| 1988 | 8.98 | 6.35 | 5.62 | 4.71 | 6.41 |
| 1989 | 4.02 | 4.44 | 7.15 | 7.20 | 5.70 |
| 1990 | 7.02 | 7.62 | 5.00 | 4.85 | 6.13 |
| 1991 | 4.53 | 2.82 | 2.16 | 0.98 | 2.62 |
| 1992 | 0.80 | 0.97 | 0.97 | 1.32 | 1.01 |
| 1993 | 0.96 | 1.31 | 1.48 | 1.39 | 1.29 |
| 1994 | 1.30 | 1.09 | 1.77 | 2.80 | 1.74 |
| 1995 | 4.00 | 4.58 | 3.54 | 2.92 | 3.76 |
| 1996 | 2.21 | 2.00 | 2.38 | 2.55 | 2.28 |
| 1997 | 1.79 | 1.12 | 1.02 | 0.83 | 1.19 |
| 1998 | 1.29 | 1.66 | 1.75 | 0.37 | 1.27 |
| 1999 | -0.09 | -0.36 | -0.51 | 0.51 | -0.11 |
| 2000 | 1.49 | 2.00 | 2.99 | 3.98 | 2.61 |
| 2001 | 3.06 | 3.24 | 2.42 | 1.82 | 2.63 |
| 2002 | 2.59 | 2.75 | 2.64 | 2.72 | 2.68 |
| 2003 | 2.52 | 1.48 | 1.47 | 1.55 | 1.76 |
| 2004 | 1.55 | 2.37 | 2.54 | 2.70 | 2.29 |
| 2005 | 2.78 | 2.85 | 3.36 | 3.16 | 3.04 |
| 2006 | 3.32 | 3.98 | 3.54 | 2.63 | 3.37 |
| 2007 | 2.54 | 2.00 | 1.79 | 3.18 | 2.38 |
| 2008 | 3.37 | 4.02 | 5.07 | 3.38 | 3.96 |
| 2009 | 2.97 | 1.89 | 1.67 | 1.96 | 2.12 |
| 2010 | 2.05 | 1.67 | 1.46 | 4.03 | 2.30 |
| 2011 | 4.47 | 5.28 | 4.59 | 1.85 | 4.05 |
| 2012 | 1.57 | 0.95 | 0.77 | 0.95 | 1.06 |
| 2013 | 0.86 | 0.68 | 1.37 | 1.63 | 1.13 |
| 2014 | 1.53 | 1.62 | 1.01 | 0.76 | 1.23 |
| 2015 | 0.25 | 0.42 | 0.42 | 0.08 | 0.29 |
| 2016 | 0.42 | 0.42 | 0.42 | 1.34 | 0.65 |
| 2017 | 2.17 | 1.74 | 1.90 | 1.59 | 1.85 |
| 2018 | 1.10 | 1.50 | 1.90 | 1.89 | 1.60 |
| 2019 | 1.48 | 1.67 | 1.46 | 1.85 | 1.62 |
| 2020 | 2.53 | 1.45 | 1.44 | 1.44 | 1.72 |
| 2021 | 1.52 | 3.34 | 4.93 | 5.95 | 3.94 |
| 2022 | 6.93 | 7.30 | 7.23 | 7.22 | 7.17 |
| 2023 | 6.65 | 6.03 | 5.65 | 4.66 | 5.75 |
This table contains QoQ (Quarter-over-Quarter) inflation rates calculated from official CPI data publications.
QoQ measures are more volatile than YoY (but less than MoM) because they are influenced by short term events such changes in the monetary policy, stock market crashes or natural disasters.
| Year | Q1 | Q2 | Q3 | Q4 | Avg. |
|---|---|---|---|---|---|
| 1926 | -0.73 | 0.12 | -0.43 | -0.35 | |
| 1927 | -0.18 | -0.37 | -0.43 | 0.06 | -0.23 |
| 1928 | 0.00 | 0.62 | -0.49 | 0.50 | 0.16 |
| 1929 | -0.56 | -0.19 | 0.27 | 0.00 | -0.12 |
| 1930 | -0.70 | -0.60 | -1.01 | -1.73 | -1.01 |
| 1931 | -3.22 | -2.04 | -2.41 | -0.34 | -2.00 |
| 1932 | -1.46 | -4.11 | -2.15 | -1.83 | -2.39 |
| 1933 | -1.12 | -0.13 | 0.00 | 0.50 | -0.18 |
| 1934 | 0.50 | 1.00 | -0.62 | 0.37 | 0.31 |
| 1935 | 1.98 | 1.09 | 0.36 | 2.03 | 1.36 |
| 1936 | -1.75 | 1.90 | 1.64 | 1.49 | 0.82 |
| 1937 | 1.70 | 2.34 | 0.87 | 2.16 | 1.77 |
| 1938 | -0.42 | 0.85 | 0.11 | 0.11 | 0.16 |
| 1939 | 1.68 | 1.44 | 1.22 | 3.12 | 1.87 |
| 1940 | -1.27 | 1.58 | 1.26 | 1.15 | 0.68 |
| 1941 | 0.19 | 1.23 | 0.37 | 1.96 | 0.94 |
| 1942 | -1.28 | 1.57 | 1.91 | 1.70 | 0.98 |
| 1943 | -1.23 | 0.27 | 1.07 | 1.32 | 0.35 |
| 1944 | -0.87 | 0.52 | 0.70 | 1.12 | 0.37 |
| 1945 | -0.60 | 0.09 | 0.52 | 1.28 | 0.32 |
| 1946 | -0.93 | 0.17 | 0.77 | -0.17 | -0.04 |
| 1947 | -0.42 | 0.68 | 1.69 | 8.04 | 2.50 |
| 1948 | -0.46 | 1.16 | 0.69 | 0.23 | 0.40 |
| 1949 | 0.00 | 0.20 | 1.20 | 0.39 | 0.45 |
| 1950 | 0.20 | 3.14 | 3.33 | 1.66 | 2.08 |
| 1951 | 1.45 | 4.28 | 3.25 | 2.49 | 2.87 |
| 1952 | 1.29 | 1.36 | 1.10 | 0.78 | 1.13 |
| 1953 | 1.00 | 1.15 | 1.13 | 2.17 | 1.36 |
| 1954 | 0.81 | 1.67 | 0.14 | -0.21 | 0.60 |
| 1955 | 1.36 | 0.99 | 0.14 | 0.00 | 0.62 |
| 1956 | 1.02 | 1.38 | 2.14 | 0.00 | 1.14 |
| 1957 | -0.76 | 1.44 | 0.66 | 0.47 | 0.45 |
| 1958 | 0.09 | 1.03 | 4.63 | 0.62 | 1.59 |
| 1959 | 0.18 | 0.26 | 1.05 | -0.35 | 0.29 |
| 1960 | -0.43 | 0.17 | 0.87 | 0.95 | 0.39 |
| 1961 | -0.43 | 0.00 | 1.55 | 1.02 | 0.53 |
| 1962 | 0.34 | 0.33 | 0.75 | 0.66 | 0.52 |
| 1963 | 0.08 | 0.41 | 0.74 | 0.97 | 0.55 |
| 1964 | 0.40 | 0.88 | 1.51 | 1.64 | 1.11 |
| 1965 | 0.23 | 0.15 | 1.30 | 0.68 | 0.59 |
| 1966 | 0.68 | 0.59 | 0.59 | 0.48 | 0.58 |
| 1967 | 2.51 | 2.73 | 1.10 | 0.09 | 1.61 |
| 1968 | 1.00 | 1.35 | 1.15 | 1.49 | 1.24 |
| 1969 | 1.38 | 1.11 | 1.01 | 0.42 | 0.98 |
| 1970 | 2.16 | 1.54 | 1.84 | 4.08 | 2.40 |
| 1971 | 2.49 | 2.21 | 1.94 | 2.19 | 2.21 |
| 1972 | 1.87 | 1.22 | 1.07 | 1.19 | 1.34 |
| 1973 | 2.36 | 2.75 | 2.31 | 2.38 | 2.45 |
| 1974 | 2.50 | 2.44 | 3.74 | 3.33 | 3.00 |
| 1975 | 3.10 | 3.98 | 3.64 | 4.14 | 3.71 |
| 1976 | 4.41 | 4.47 | 3.17 | 2.76 | 3.70 |
| 1977 | 2.62 | 4.81 | 3.54 | 3.56 | 3.63 |
| 1978 | 2.00 | 2.65 | 2.48 | 2.61 | 2.43 |
| 1979 | 2.27 | 4.53 | 5.01 | 3.80 | 3.90 |
| 1980 | 3.90 | 4.13 | 3.60 | 3.62 | 3.81 |
| 1981 | 3.10 | 3.98 | 3.92 | 3.86 | 3.71 |
| 1982 | 3.20 | 5.03 | 3.59 | 2.69 | 3.63 |
| 1983 | 0.82 | 0.97 | 0.81 | 0.95 | 0.89 |
| 1984 | 0.70 | 2.18 | 3.01 | 3.21 | 2.28 |
| 1985 | 4.39 | 5.08 | 2.75 | 2.27 | 3.62 |
| 1986 | 2.30 | 2.71 | 3.32 | 8.91 | 4.31 |
| 1987 | 2.35 | 3.28 | 1.59 | 2.06 | 2.32 |
| 1988 | 1.77 | 0.78 | 0.90 | 1.18 | 1.16 |
| 1989 | 1.10 | 1.19 | 3.52 | 1.23 | 1.76 |
| 1990 | 0.93 | 1.76 | 1.00 | 1.08 | 1.19 |
| 1991 | 0.62 | 0.09 | 0.35 | -0.09 | 0.24 |
| 1992 | 0.44 | 0.26 | 0.35 | 0.26 | 0.33 |
| 1993 | 0.09 | 0.61 | 0.52 | 0.17 | 0.35 |
| 1994 | 0.00 | 0.40 | 1.20 | 1.18 | 0.69 |
| 1995 | 1.17 | 0.96 | 0.19 | 0.57 | 0.72 |
| 1996 | 0.47 | 0.75 | 0.56 | 0.74 | 0.63 |
| 1997 | -0.28 | 0.09 | 0.46 | 0.55 | 0.21 |
| 1998 | 0.18 | 0.46 | 0.54 | -0.81 | 0.09 |
| 1999 | -0.27 | 0.18 | 0.40 | 0.20 | 0.13 |
| 2000 | 0.70 | 0.69 | 1.37 | 1.16 | 0.98 |
| 2001 | -0.19 | 0.86 | 0.57 | 0.57 | 0.45 |
| 2002 | 0.56 | 1.03 | 0.46 | 0.64 | 0.67 |
| 2003 | 0.37 | 0.00 | 0.46 | 0.73 | 0.39 |
| 2004 | 0.36 | 0.81 | 0.62 | 0.88 | 0.67 |
| 2005 | 0.44 | 0.87 | 1.12 | 0.68 | 0.78 |
| 2006 | 0.59 | 1.52 | 0.70 | -0.20 | 0.65 |
| 2007 | 0.50 | 0.99 | 0.49 | 1.17 | 0.79 |
| 2008 | 0.68 | 1.63 | 1.51 | -0.46 | 0.84 |
| 2009 | 0.28 | 0.56 | 1.30 | -0.18 | 0.49 |
| 2010 | 0.37 | 0.18 | 1.09 | 2.34 | 1.00 |
| 2011 | 0.79 | 0.96 | 0.43 | -0.34 | 0.46 |
| 2012 | 0.52 | 0.34 | 0.26 | -0.17 | 0.24 |
| 2013 | 0.43 | 0.17 | 0.94 | 0.08 | 0.40 |
| 2014 | 0.34 | 0.25 | 0.33 | -0.17 | 0.19 |
| 2015 | -0.17 | 0.42 | 0.33 | -0.50 | 0.02 |
| 2016 | 0.17 | 0.42 | 0.33 | 0.41 | 0.33 |
| 2017 | 0.99 | 0.00 | 0.49 | 0.11 | 0.40 |
| 2018 | 0.50 | 0.40 | 0.89 | 0.10 | 0.47 |
| 2019 | 0.10 | 0.58 | 0.68 | 0.48 | 0.46 |
| 2020 | 0.77 | -0.48 | 0.67 | 0.47 | 0.36 |
| 2021 | 0.85 | 1.31 | 2.22 | 1.45 | 1.46 |
| 2022 | 1.78 | 1.66 | 2.15 | 1.43 | 1.76 |
| 2023 | 1.25 | 1.07 | 1.79 | 0.48 | 1.15 |
