FX.co ★ New Zealand Q2 Inflation Rate Highest Since 2023

Annual inflation in New Zealand rose to 4.1% in Q2 2026, up from 3.1% in Q1 and slightly above market expectations of 4.0%, moving further beyond the RBNZ’s 1–3% target range. This was the highest inflation rate since Q4 2023. The main driver was the transport category, where prices surged 10.6% (compared with 3.3% in Q1), largely due to a 20.1% increase in petrol prices. On a quarterly basis, the CPI climbed 1.5% in Q2, accelerating from a 0.9% rise in the previous quarter, exceeding forecasts of 1.4% and reaching its highest quarterly pace since Q3 2023.