New Zealand: Inflation jumps in Q2
Latest reading: The inflation rate rose to 4.1% in Q2 2026 from 3.1% in Q1, exceeding market forecasts and moving further above the RBNZ’s 1–3% target range. This was the highest reading since Q4 2023.
Transport made the largest contribution, mainly because petrol prices climbed 27.5% and other vehicle fuels and lubricants jumped 71.0%. Housing and household utilities were the second-largest contributor, rising 3.6% after a 3.4% increase in Q1, as electricity prices increased 12.0%. Inflation also accelerated for alcoholic beverages and tobacco, to 2.8% from 2.3%, and for clothing, to 2.5% from 1.3%.