New Zealand’s consumers price index (CPI) increased 3.1 percent in the 12 months to the March 2026 quarter, according to figures released by Stats NZ today.

The 3.1 percent increase follows a 3.1 percent increase in the 12 months to the December 2025 quarter. The Reserve Bank of New Zealand’s target band for the annual inflation rate is 1 to 3 percent.

The largest upwards contributor to the annual inflation rate was electricity, up 12.5 percent.

“Higher electricity prices accounted for more than a tenth of the 3.1 percent annual increase,” prices and deflators spokesperson Nicola Growden said.

“This was the third quarter in a row that electricity was the largest upwards contributor to the annual inflation rate.”

Visit our website to read the full news story and information release and to download CSV files:

• Annual inflation at 3.1 percent in March 2026: https://www.stats.govt.nz/news/annual-inflation-at-3-1-percent-in-march-2026/
• Consumers price index: March 2026 quarter: https://www.stats.govt.nz/information-releases/consumers-price-index-march-2026-quarter/
• CSV files for download: https://www.stats.govt.nz/large-datasets/csv-files-for-download/

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