Annual Inflation At 2.2 Percent

16 Oct 2024, 11:10 by Stats NZ · SCOOP

New Zealand’s consumers price index increased 2.2 percent in the September 2024 quarter, compared with the September 2023 quarter, according to figures released by Stats NZ today.

The 2.2 percent annual increase follows a 3.3 percent annual increase in the June 2024 quarter.

“For the first time since March 2021, annual inflation is within the Reserve Bank of New Zealand’s target band of 1 to 3 percent. Prices are still rising, but not as much as previously recorded,” consumer prices manager Nicola Growden said.

Higher rent prices was the biggest contributor to the annual inflation rate, up 4.5 percent. Almost a fifth of the 2.2 percent annual increase in the CPI was due to rent prices.

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Annual inflation at 2.2 percent
Consumers price index: September 2024 quarter
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