Source: Statistics New Zealand
Annual inflation at 3.1 percent in December 2025 – news story
23 January 2026
Aotearoa New Zealand’s consumers price index (CPI) increased 3.1 percent in the 12 months to the December 2025 quarter, according to figures released by Stats NZ today.
The 3.1 percent increase follows a 3.0 percent increase in the 12 months to the September 2025 quarter. The Reserve Bank of New Zealand’s target band for the annual inflation rate is 1 to 3 percent.
The 3.1 percent annual inflation rate in the December 2025 quarter is the highest annual rate since the June 2024 quarter, when it was 3.3 percent.
“While the annual inflation rate has slowed considerably since its most recent peak of 7.3 percent in the June 2022 quarter, it has increased each quarter since the December 2024 quarter, when it was 2.2 percent,” prices and deflators spokesperson Nicola Growden said.
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