Inflation rates by country and year

-0.1%4.2%8.5%12.8%17.2%
-0.1%4.2%8.5%12.8%17.2%
19600.7%
19921.0%
20252.8%
Source: World Bank

Data: World Bank, annual %. For information only — not financial advice.

Year2025Inflation Rate2.8%

Behind the curve

Turning points in New Zealand

  1. 1974↑ Upward pressure

    The first oil shock — Wikipedia (opens in a new tab)

    The 1973 oil shock combined with wage indexation to drive New Zealand inflation into double digits, peaking near 17% in 1976.

    Reserve Bank of New Zealand
  2. 1980↑ Upward pressure

    The second oil shock — Wikipedia (opens in a new tab)

    The 1979–80 oil price rise pushed New Zealand inflation above 17% in 1980, sustaining the high-inflation era before the reforms of the mid-1980s.

    Stats NZ · Consumers Price Index
  3. 1987↕ Mixed effects

    Rogernomics and the 1987 share crash — Wikipedia (opens in a new tab)

    Tight monetary policy and sweeping deregulation under Rogernomics, together with the 1987 sharemarket crash, began a steep disinflation from still-high rates in 1987.

    Reserve Bank of New Zealand
  4. 1990↓ Downward pressure

    Pioneering inflation targeting — Wikipedia (opens in a new tab)

    New Zealand became the first country to adopt a formal inflation target under the 1989 Reserve Bank Act. The new framework locked in low, stable inflation through the 1990s.

    Reserve Bank of New Zealand
  5. 2022↑ Upward pressure

    The post-pandemic inflation surge — Wikipedia (opens in a new tab)

    Global supply-chain pressures and higher energy and food costs pushed New Zealand inflation above 7% in 2022, its highest in three decades.

    Stats NZ · Consumers Price Index

These are selected historical influences, not a complete account of inflation. An upward-pressure event can coincide with a peak when its inflationary effect has already occurred or when other forces begin pushing inflation lower. The markers show the years in which events occurred, although their effects may extend into later years.

What is the inflation in New Zealand?

The annual inflation rate in New Zealand was 2.8% in 2025, the most recent year in the World Bank dataset. That means prices rose 2.8% on average compared with the year before. Use the chart above to explore New Zealand's full inflation history from 1960 to 2025, and to compare it with any other country.

How inflation in New Zealand has changed

Inflation in New Zealand peaked at 17.2% in 1980 and reached its lowest point at -0.1% in 1999. Averaged across the 66 years of available data (1960–2025), the rate has been 5.4% per year.

Frequently asked questions about inflation in New Zealand

What is the current inflation rate in New Zealand?

The latest available annual figure is 2.8% in 2025, from the World Bank. Because the figures are reported annually, they may not reflect the most recent monthly reading published by New Zealand's statistical office.

What was the highest inflation rate in New Zealand?

The highest annual inflation rate on record is 17.2%, reached in 1980.

What was the lowest inflation rate in New Zealand?

The lowest annual inflation rate on record is -0.1%, recorded in 1999.

Where does the inflation data for New Zealand come from?

All figures come from the World Bank's World Development Indicators (indicator FP.CPI.TOTL.ZG), which report annual consumer price inflation for more than 200 countries and territories from 1960 onward.