Inflation New Zealand 2024
Average inflation: 2.9%
Current Inflation
Inflation is normal at 2.9%, around the ECB target.
Peak and Trough
The highest inflation was in March at 4.0%. The lowest inflation was in September at 2.2%.
- Highest month
- March: 4.0%
- Lowest month
- September: 2.2%
- Difference
- 1.8 percentage points
- Months with data
- 4 of 12
Category Insights
The highest price increase was in Core inflation with an average of 3.5%. The lowest price increase was in Food with an average of -0.0%.
- Highest increase
- Core inflation: 3.5%
- Lowest increase
- Food: -0.0%
Historical Context
Current inflation is 1.4% lower than the 5-year average of 4.3%.
- 5-year average
- 4.3%
- 10-year average
- 2.7%
- All-time high (2022)
- 7.1%
- All-time low (2015)
- 0.3%
Trend
Inflation shows a downward trend. Compared to 2023, inflation has fallen by +2.8 percentage point.
- Change vs. previous year
- -2.8 percentage points
- Largest monthly swing
- September: -3.4 percentage points
ECB Target
Inflation is 0.9% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €102.90 next year at this inflation rate.
Multi-year trend
Monthly figures 2024
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2023 |
|---|---|---|
| March | 4.0% | -2.7 |
| June | 3.3% | -2.7 |
| September | 2.2% | -3.4 |
| December | 2.2% | -2.5 |
| Average | 2.9% |
Data source
Data from WorldBank. Last updated: 04/01/2026.