New Zealand Historical Inflation Rates

The graph above displays annual inflation rates in New Zealand for calendar years from 1926 to 2021. To calculate cumulative rates between two different periods, you can use the New Zealand Inflation Calculator.

Historical Annual Inflation Rates from 1926

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 2016 and 2021, the average inflation rate was 2.14%. 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

Monthly Inflation Rates (YoY) | 1926-2022

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 5.95% rate shown under 2021 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 6.93

Quarterly Inflation Rates (QoQ) | 1926-2022

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 1.78

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