New Zealand Inflation Expectations

Last Release

Jun 30, 2025

Actual

2.29

Units In

2.06

Frequency

Quarterly

Next Release

Aug 07, 2025

Time to Release

2 Months 18 Days 5 Hours

Highest	Lowest	Average	Date Range	Source
8.3 Sep 1987	1.24 Jun 2020	2.52 %	1987-2025	Reserve Bank of New Zealand

In New Zealand, business inflation expectations refer to two-year inflation forecast. Two years is seen as the timeframe when any central bank monetary policy action will filter through to prices.

Latest Updates

The Reserve Bank of New Zealand’s (RBNZ) quarterly survey of expectations revealed that business managers now see inflation averaging 2.29% over the next two years as of Q2 2025, up from 2.06% in the previous quarter—the highest in a year. One-year inflation expectations also rose to 2.41% from 2.15%r—the highest in four quarters. Longer-term projections showed five-year-ahead inflation expectations edging up to 2.18% from 2.13%, while 10-year expectations increased to 2.15% from 2.07%. As for interest rates, respondents forecast the Official Cash Rate (OCR) to stand at 3.77% by the end of Q1 2025, before declining to 3.23% by year-end.