Inflation New Zealand 2023
Average inflation: 5.7%
Current Inflation
Inflation is very high at 5.7%, far above the ECB target.
Peak and Trough
The highest inflation was in March at 6.7%. The lowest inflation was in December at 4.7%.
- Highest month
- March: 6.7%
- Lowest month
- December: 4.7%
- Difference
- 2.0 percentage points
- Months with data
- 4 of 12
Category Insights
The highest price increase was in Food with an average of 10.0%. The lowest price increase was in Energy with an average of 0.6%.
- Highest increase
- Food: 10.0%
- Lowest increase
- Energy: 0.6%
Historical Context
Current inflation is 1.7% higher than the 5-year average of 4.0%.
- 5-year average
- 4%
- 10-year average
- 2.6%
- All-time high (2022)
- 7.1%
- All-time low (2015)
- 0.3%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -1.4 percentage point.
- Change vs. previous year
- -1.4 percentage points
- Largest monthly swing
- December: -2.5 percentage points
ECB Target
Inflation is 3.7% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €105.70 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| March | 6.7% | -0.2 |
| June | 6.0% | -1.3 |
| September | 5.6% | -1.6 |
| December | 4.7% | -2.5 |
| Average | 5.7% |
Data source
Data from WorldBank. Last updated: 04/01/2026.