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CPI · Inflation · New Zealand · RBNZ
New Zealand's Consumer Price Index (CPI) inflation remained unexpectedly steady at 3.1% year-over-year in Q1 2026, exceeding both the 2.9% market expectation and the Reserve Bank of New Zealand's (RBNZ) 1% to 3% annual target range, driven by persistent fuel, electricity, and food price increases.
Stats NZ data confirmed the 3.1% annual rise, unchanged from the prior quarter. Quarterly CPI accelerated to 0.9% from 0.6%, surpassing the 0.8% forecast.
Electricity prices were the primary driver, with petrol surging 3.5% quarterly, largely due to supply disruptions from the U.S.-Israel war on Iran in March. Excluding petrol, quarterly CPI still rose 0.8%, indicating persistent underlying inflation.
The sustained inflation above the RBNZ's target suggests continued pressure on monetary policy.
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