The annual inflation rate in New Zealand fell to 1.5 percent in the first quarter of 2019 from 1.9 percent in the previous period and below market expectations of 1.7 percent. The slowdown was mainly driven by a fall in cost of transport, communication and household contents and services. On a quarterly basis, consumer prices increased 0.1 percent, unchanged from the previous period and below forecasts of 0.3 percent. Inflation Rate in New Zealand averaged 4.66 percent from 1918 until 2019, reaching an all time high of 44 percent in the third quarter of 1918 and a record low of -15.30 percent in the first quarter of 1923.

Inflation Rate in New Zealand is expected to be 1.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in New Zealand to stand at 1.90 in 12 months time. In the long-term, the New Zealand Inflation Rate is projected to trend around 2.00 percent in 2020, according to our econometric models.

New Zealand Inflation Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-07-16 10:45 PM Inflation Rate YoY 1.5% 1.1% 1.6% 1.6%
2018-10-15 09:45 PM Inflation Rate YoY 1.9% 1.5% 1.7% 1.7%
2019-01-22 09:45 PM Inflation Rate YoY 1.9% 1.9% 1.8% 1.8%
2019-04-16 10:45 PM Inflation Rate YoY 1.5% 1.9% 1.7% 1.8%
2019-07-16 10:45 PM Inflation Rate YoY 1.5% 1.7%
2019-10-15 09:45 PM Inflation Rate YoY 1.9%



New Zealand Q1 Inflation Rate Eases to 1.5%

The annual inflation rate in New Zealand fell to 1.5 percent in the first quarter of 2019 from 1.9 percent in the previous period and below market expectations of 1.7 percent. The slowdown was mainly driven by a fall in cost of transport, communication and household contents and services.

Year-on-year, prices slowed for housing & utilities (3.0 percent compared to 3.1 percent in Q4 2018), of which rentals for housing (2.4 percent),  construction (3.6 percent), and local authority rates (5.1 percent); recreation & culture (0.8 percent compared to 2.1 percent); and miscellaneous goods & services (2.5 percent compared to 2.9 percent). Additionally, prices dropped for transport (-0.1 percent compared to 3.5 percent); and household contents and services (-0.8 percent compared to 0.6 percent). Also, cost of communication continued to fall (-3.7 percent, the same as in Q4), namely telecommunication equipment (-23 percent).

On the other hand, prices went up further for the food group (1.3 percent compared to 0.6 percent); and alcoholic beverages & tobacco (4.2 percent compared to 3.8 percent), mostly cigarettes and tobacco (7.7 percent). In addition, cost of clothing & footwear declined less (-0.6 percent compared to -1.0 percent) and prices of education rebounded (1.7 percent compared to -5.5 percent). 

On a quarterly basis, consumer prices increased 0.1 percent, unchanged from the previous period and below market forecasts of 0.3 percent. 


Statistics New Zealand | Stefanie Moya | stefanie.moya@tradingeconomics.com
4/17/2019 10:51:54 AM



New Zealand Prices Last Previous Highest Lowest Unit
Inflation Rate 1.50 1.90 44.00 -15.30 percent [+]
Inflation Rate Mom 0.10 0.10 8.90 -4.10 percent [+]
Consumer Price Index CPI 1026.00 1025.00 1026.00 16.50 Index Points [+]
Core Consumer Prices 1026.00 1025.00 1026.00 512.60 Index Points [+]
Core Inflation Rate 1.40 1.90 7.91 0.00 percent [+]
GDP Deflator 1189.00 1192.00 1192.00 589.00 Index Points [+]
Producer Prices 1158.00 1140.00 1158.00 165.78 Index Points [+]
Export Prices 1204.00 1225.00 1269.00 85.30 Index Points [+]
Import Prices 858.00 847.00 1128.00 70.43 Index Points [+]
Inflation Expectations 2.02 2.03 8.30 1.60 percent [+]
Cpi Housing Utilities 1053.00 1047.00 1053.00 536.80 Index Points [+]
CPI Transportation 1017.00 1056.00 1099.90 743.20 Index Points [+]
Food Inflation 1.20 1.70 25.20 -2.00 percent [+]


New Zealand Inflation Rate

In New Zealand, the most important category in the consumer price index is Housing and Utilities (24.2 percent of total weight). Food and Non-Alcoholic Beverages accounts for 18.8 percent; Transport for 15 percent; Recreation and Culture for 9.4 percent; Miscellaneous Goods and Services for 7.4 percent and Alcoholic beverages and Tobacco for 7 percent. Furniture, Household Goods and Maintenance; Clothing and Footwear; Health; Communication and Education account for the remaining 18.2 percent of total weight. This page provides - New Zealand Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. New Zealand Inflation Rate - actual data, historical chart and calendar of releases - was last updated on April of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
1.50 1.90 44.00 -15.30 1918 - 2019 percent Quarterly




Country Last Previous
Argentina 54.70 Mar/19
Australia 1.80 Dec/18
Brazil 4.58 Mar/19
Canada 1.90 Mar/19
China 2.30 Mar/19
Euro Area 1.40 Mar/19
France 1.10 Mar/19
Germany 1.30 Mar/19
India 2.86 Mar/19
Indonesia 2.48 Mar/19
Italy 1.00 Mar/19
Japan 0.50 Mar/19
Mexico 4.00 Mar/19
Netherlands 2.80 Mar/19
Russia 5.30 Mar/19
Saudi Arabia -2.20 Feb/19
Singapore 0.60 Mar/19
South Africa 4.50 Mar/19
South Korea 0.40 Mar/19
Spain 1.30 Mar/19
Switzerland 0.70 Mar/19
Turkey 19.71 Mar/19
United Kingdom 1.90 Mar/19
United States 1.90 Mar/19


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