Annual inflation hits 4.1%, highest in more than two years

Annual inflation reached 4.1% in the June 2026 quarter, Stats NZ data shows — the highest in more than two years and a full point above the Reserve Bank's 1–3% target band. The CPI rose 1.5% in the quarter, up from 3.1% annually in March. Surging fuel prices caused by the US-Iran war drove the increase.