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Inflation has increased to a 12-month high of 2.7%, according to official figures out from Stats NZ today.
The increase in the 12 months to the June quarter followed a 2.5% increase in the 12 months to the March 2025 quarter.
"Although the annual inflation rate increased from the March 2025 quarter, it remains within the Reserve Bank of New Zealand’s target band of 1 to 3% – the fourth consecutive quarter it has done so," Stats NZ prices and deflators spokesperson Nicola Growden said.
The largest contributor to annual inflation was local authority rates and payments, up 12.2%.
Growden said rates contributed 13% of the 2.7% annual increase and were captured yearly in the September quarter.
"The 12.2% annual increase for rates was captured in the September 2024 quarter. Next quarter we will capture changes in rates as of 1 July 2025."
Petrol prices made a "significant downward contribution" to inflation, she said, with a decrease of 8%.
"The CPI excluding petrol increased 3.2% in the 12 months to June 2025."
The average price for one litre of 91 octane fuel was $2.54 in the June 2025 quarter, down from $2.76 in the June 2024 quarter.
Rent prices also increased, up 3.2% in the 12 months to the June 2025 quarter, and contributing 13% to the 2.7% inflation increase.
"The 3.2% increase in rents is the smallest annual increase in four years. Rents increased 2.9 percent in the 12 months to June 2021."
