New Zealand Q2 CPI rises 1.5% QoQ, 4.1% YoY, more than double RBNZ target

Published Jul 20, 11:43 PM UTC

New Zealand's consumer price index rose 1.5% in the second quarter of 2026 and 4.1% year-over-year, driven by surging fuel costs, according to StatsNZ data. The annual inflation rate is now more than double the Reserve Bank of New Zealand's target, intensifying expectations that interest rates will need to rise significantly in the coming months. The first-quarter annual inflation stood at 3.1%, indicating a sharp acceleration. The data was released on July 21, 2026, and reported by James Glynn for Yahoo Finance, citing Bloomberg News.