| Consensus | Consensus Range | Actual | Previous | |
| Quarter over Quarter | 1.4% | 1.4% to 1.5% | 1.5% | 0.9% |
| Year over Year | 4.0% | 4.0% to 4.0% | 4.1% | 3.1% |
Highlights
New Zealand consumer prices rose 4.1 percent on the year in the three months to June, accelerating sharply from the 3.1 percent increase recorded in the three months to December. This is the biggest increase in consumer prices since late 2023 and takes the headline inflation rate well above the top of the Reserve Bank of New Zealand's target range of 1.0 percent to 3.0 percent. The index advanced 1.5 percent on the quarter after increasing 0.9 previously.
Stronger headline inflation in the three months to June was largely driven by bigger price increases for transport, communications, clothing and footwear, and homeownership, partly offset by more moderate increases for food and household energy.This suggests that recent fuel price increases have led to broader price pressures. This may strengthen the case for the Reserve Bank of New Zealand to tighten policy further in upcoming meetings after it increased policy rates earlier this month.