New Zealand RBNZ Forecast: Consumer Price Index (CPI): YoY: Quarterly data was reported at 2.000 % in Mar 2028. This stayed constant from the previous number of 2.000 % for Dec 2027. New Zealand RBNZ Forecast: Consumer Price Index (CPI): YoY: Quarterly data is updated quarterly, averaging 2.000 % from Sep 2009 (Median) to Mar 2028, with 75 observations. The data reached an all-time high of 7.500 % in Dec 2022 and a record low of 0.000 % in Mar 2015. New Zealand RBNZ Forecast: Consumer Price Index (CPI): YoY: Quarterly data remains active status in CEIC and is reported by Reserve Bank of New Zealand. The data is categorized under Global Database’s New Zealand – Table NZ.I006: Consumer Price Index: Forecast: Reserve Bank of New Zealand.

Graph and download economic data for Inflation, consumer prices for New Zealand (FPCPITOTLZGNZL) from 1960 to 2024 about New Zealand, consumer, CPI, inflation, price index, indexes, and price.

Reserve Bank of New Zealand: Inflation Target: Upper Limit data was reported at 3.000 % in Dec 2019. This stayed constant from the previous number of 3.000 % for Sep 2019. Reserve Bank of New Zealand: Inflation Target: Upper Limit data is updated quarterly, averaging 3.000 % from Mar 1990 (Median) to Dec 2019, with 120 observations. The data reached an all-time high of 3.000 % in Dec 2019 and a record low of 2.000 % in Sep 1996. Reserve Bank of New Zealand: Inflation Target: Upper Limit data remains active status in CEIC and is reported by Reserve Bank of New Zealand. The data is categorized under Global Database’s New Zealand – Table NZ.I001: Consumer Price Index: Inflation Target.

Prices in New Zealand rose by 1.72 percent in 2020. Central bankers at the Reserve Bank of New Zealand were surely relieved to see the rebound from the dangerously low .29 percent inflation in 2015.

What is inflation?

Inflation is the rise in price levels in an economy. 2 percent inflation means 100 New Zealand dollars will be worth 98 dollars in one year. While the precise inflation target varies, most economists agree that inflation between 2 to 3 percent is optimal for an economy. High inflation can lead to higher unemployment because firms would rather wait and higher workers at the same price using future dollars, making the labor relatively cheaper. However, it affects the trade balance because of the relatively higher purchasing power of foreign currencies.

Other risks of inflation and deflation

Inflation helps a country with higher national debt when the debt is in the local currency, because the country can repay with the future dollars which are relatively cheaper. Deflation, then, helps when debts are in a foreign currency. The main problem with deflation is that investors prefer to hold their money, waiting to invest until it is worth more. This is particularly true of countries like New Zealand, where the lion’s share of employment is in the services sector.

Graph and download economic data for Consumer Price Index for New Zealand (DDOE01NZA086NWDB) from 1960 to 2017 about New Zealand, CPI, price index, indexes, and price.

Reserve Bank of New Zealand: Inflation Target: Lower Limit data was reported at 1.000 % in Dec 2019. This stayed constant from the previous number of 1.000 % for Sep 2019. Reserve Bank of New Zealand: Inflation Target: Lower Limit data is updated quarterly, averaging 1.000 % from Mar 1990 (Median) to Dec 2019, with 120 observations. The data reached an all-time high of 1.000 % in Dec 2019 and a record low of 0.000 % in Jun 2002. Reserve Bank of New Zealand: Inflation Target: Lower Limit data remains active status in CEIC and is reported by Reserve Bank of New Zealand. The data is categorized under Global Database’s New Zealand – Table NZ.I001: Consumer Price Index: Inflation Target.

New Zealand RBNZ Forecast: Consumer Price Index (CPI): YoY data was reported at 2.100 % in 2022. This stayed constant from the previous number of 2.100 % for 2021. New Zealand RBNZ Forecast: Consumer Price Index (CPI): YoY data is updated yearly, averaging 1.850 % from Mar 1997 (Median) to 2022, with 20 observations. The data reached an all-time high of 4.400 % in 2011 and a record low of 0.000 % in 2015. New Zealand RBNZ Forecast: Consumer Price Index (CPI): YoY data remains active status in CEIC and is reported by Reserve Bank of New Zealand. The data is categorized under Global Database’s New Zealand – Table NZ.I007: Consumer Price Index: Forecast: Reserve Bank of New Zealand.

New Zealand Inflation Expectations: 2 Years Ahead data was reported at 2.030 % in Dec 2018. This records a decrease from the previous number of 2.040 % for Sep 2018. New Zealand Inflation Expectations: 2 Years Ahead data is updated quarterly, averaging 2.285 % from Sep 1987 (Median) to Dec 2018, with 126 observations. The data reached an all-time high of 8.300 % in Sep 1987 and a record low of 1.600 % in Jun 1994. New Zealand Inflation Expectations: 2 Years Ahead data remains active status in CEIC and is reported by Reserve Bank of New Zealand. The data is categorized under Global Database’s New Zealand – Table NZ.I007: Consumer Price Index: Forecast: Reserve Bank of New Zealand.

New Zealand Inflation Expectations: 1 Year Ahead data was reported at 2.090 % in Dec 2018. This records an increase from the previous number of 1.860 % for Sep 2018. New Zealand Inflation Expectations: 1 Year Ahead data is updated quarterly, averaging 2.200 % from Sep 1987 (Median) to Dec 2018, with 126 observations. The data reached an all-time high of 9.800 % in Sep 1987 and a record low of 1.090 % in Mar 2016. New Zealand Inflation Expectations: 1 Year Ahead data remains active status in CEIC and is reported by Reserve Bank of New Zealand. The data is categorized under Global Database’s New Zealand – Table NZ.I007: Consumer Price Index: Forecast: Reserve Bank of New Zealand.

Key information about New Zealand Real Effective Exchange Rate

• New Zealand Real Effective Exchange Rate (REER: 2005=100: Month Avg: New Zealand) was 93.2 in Jan 2025, compared with the number of 94.5 in the previous month.
• New Zealand Real Effective Exchange Rate data is updated monthly and averaged 107.2 from Jan 1984 to Jan 2025.
• The data reached an all-time high of 107.2 in Jul 2014 and a record low of 60.5 in Aug 1984.

CEIC calculates Real Effective Exchange Rate Index with base 2005=100. The Reserve Bank of New Zealand provides Real Effective Exchange Rate Index with base Oct2014=76.57. CPI is used as a deflator. An increase in REER indicates reduced competitiveness for the reporting economy.


Related information about New Zealand Real Effective Exchange Rate

• In the latest reports, New Zealand Short Term Interest Rate: Month End: New Zealand: Bank Accepted Bills: 90 Days was reported at 5.7 % pa in Jun 2023.
• The cash rate (Policy Rate: Month End: New Zealand: Official Cash Rate) was set at 5.5 % pa in Jun 2023.
• New Zealand Exchange Rate against USD averaged 1.6 (USD/NZD) in Jun 2023.

RBNZ预测：居民消费价格指数：同比在03-01-2022达2.100%，相较于03-01-2021的2.100%保持不变。RBNZ预测：居民消费价格指数：同比数据按年更新，03-01-1997至03-01-2022期间平均值为1.850%，共20份观测结果。该数据的历史最高值出现于03-01-2011，达4.400%，而历史最低值则出现于03-01-2015，为0.000%。CEIC提供的RBNZ预测：居民消费价格指数：同比数据处于定期更新的状态，数据来源于Reserve Bank of New Zealand，数据归类于全球数据库的新西兰 – 表 NZ.I007：居民消费价格指数：预测：新西兰储备银行。

新西兰储备银行：通货膨胀目标：下限在12-01-2019达1.000%，相较于09-01-2019的1.000%保持不变。新西兰储备银行：通货膨胀目标：下限数据按季更新，03-01-1990至12-01-2019期间平均值为1.000%，共120份观测结果。该数据的历史最高值出现于12-01-2019，达1.000%，而历史最低值则出现于06-01-2002，为0.000%。CEIC提供的新西兰储备银行：通货膨胀目标：下限数据处于定期更新的状态，数据来源于Reserve Bank of New Zealand，数据归类于Global Database的新西兰 – 表 NZ.I001：居民消费价格指数：通货膨胀目标。