# New Zealand inflation reaches 3.7% as September-quarter CPI rises 0.7% > Stats NZ reported annual CPI inflation of 3.7% and quarterly growth of 0.7%; non-tradable prices rose faster during the quarter than tradable prices. - **Source date:** 2026-10-22 - **Original source:** [Stats NZ](https://www.stats.govt.nz/information-releases/consumers-price-index-september-2026-quarter/) - **Reading time:** 3 min read - **Language:** English - **URL:** https://voltformer.com/news/nz-statsnz-september-quarter-cpi-20261022 - **Markdown:** https://voltformer.com/news/nz-statsnz-september-quarter-cpi-20261022.md - **Keywords:** New Zealand, Inflation, Statistics, Households, Energy, Fuel, Official statistics ## Headline measure Stats NZ published its Consumers Price Index release for the September 2026 quarter on 22 October. The all-groups CPI increased 0.7% over the quarter and was 3.7% higher than a year earlier. The agency’s release defines CPI as measuring price changes in goods and services purchased by New Zealand households. These are two different comparisons: the quarterly figure tracks the latest three-month movement, while the annual rate compares the September 2026 quarter with the September 2025 quarter. The release also provides downloadable spreadsheets and breakdowns so readers can examine categories beyond the headline number. [Stats NZ](https://www.stats.govt.nz/information-releases/consumers-price-index-september-2026-quarter/) ## Tradable and non-tradable prices The release reports that tradable prices rose 0.2% in the quarter and 4.3% over the year. Non-tradable prices increased 1.0% quarter to quarter and 3.3% annually. The two groups are useful lenses on different sources of price pressure, but neither is a direct measure of a household’s personal inflation rate. Stats NZ also published an all-groups CPI measure excluding the food group, household energy subgroup and vehicle fuels: that measure rose 1.1% in the quarter and 2.9% over the year. The exclusion-based index is a separate analytical measure; it does not replace the official all-groups CPI or mean that excluded expenses did not affect households. [Stats NZ](https://www.stats.govt.nz/information-releases/consumers-price-index-september-2026-quarter/) ## International comparison in the release Stats NZ’s page places New Zealand’s 3.7% annual inflation rate beside selected international figures. Its table gives Australia at 4.0% for August 2026, the United Kingdom at 3.1% for August, the United States at 3.7% for September, an OECD average of 4.3% for August and the European Union at 3.2% for August. The reference months are not identical, and the release specifically notes that the UK number is CPI rather than its headline CPIH measure. The comparison is therefore contextual rather than a synchronized ranking of inflation in every economy for the same month. [Stats NZ](https://www.stats.govt.nz/information-releases/consumers-price-index-september-2026-quarter/) ## Analysis and limits The quarterly increase was larger for non-tradables than for tradables, while the annual rates show the reverse ordering. That difference demonstrates why the time horizon matters: recent momentum and the accumulated twelve-month change can tell different stories. For electricity, fuel and other household budgets, the headline CPI alone does not identify each category’s contribution; the detailed tables are needed for that attribution. Nor does one quarter establish a sustained inflation trend or determine what monetary policy should do. The practical reading is to use the release’s component data and period definitions, avoid comparing mismatched international months as though they were simultaneous, and distinguish the broad price index from the experience of any one household. [Stats NZ](https://www.stats.govt.nz/information-releases/consumers-price-index-september-2026-quarter/) ## Other languages - [en](https://voltformer.com/news/nz-statsnz-september-quarter-cpi-20261022) - [tr](https://voltformer.com/tr/news/nz-statsnz-september-quarter-cpi-20261022) - [de](https://voltformer.com/de/news/nz-statsnz-september-quarter-cpi-20261022) - [ru](https://voltformer.com/ru/news/nz-statsnz-september-quarter-cpi-20261022) - [es](https://voltformer.com/es/news/nz-statsnz-september-quarter-cpi-20261022) - [ar](https://voltformer.com/ar/news/nz-statsnz-september-quarter-cpi-20261022) - [it](https://voltformer.com/it/news/nz-statsnz-september-quarter-cpi-20261022) - [pt](https://voltformer.com/pt/news/nz-statsnz-september-quarter-cpi-20261022) [Company and energy news](https://voltformer.com/news.md) · [Voltformer catalog](https://voltformer.com/catalog)