New Zealand’s annual inflation rate continued to ease in the third quarter of 2026, with the Consumer Price Index (CPI) rising 3.7% year-over-year, down from 4.1% in the second quarter. The latest data, updated on 21 October 2026, indicate a gradual cooling in price pressures compared with the same period a year earlier.
The figures reflect a year-over-year comparison, where the current 3.7% reading measures the change in prices in the third quarter of 2026 versus the third quarter of 2025. The previous 4.1% figure was calculated on the same basis, comparing the second quarter of 2026 to the second quarter of 2025.
The steady deceleration from Q2 to Q3 suggests that inflationary pressures, while still present, are easing over time. Market participants and policymakers are likely to scrutinize subsequent data releases to assess whether this moderation in price growth will continue and what it could mean for the broader economic outlook and future policy decisions.