New Zealand's economy in July 2026
The figures published in July 2026: new releases from Stats NZ, the Reserve Bank and other official sources, plus what fuel prices did over the month.
Published · Corrected : House prices and rents have moved to the edition for the month they were actually published, and every figure now shows the period it covers. This edition was compiled when the monthly report launched, so its figures include any revisions made before then.
The month in brief
- Annual inflation rose to 4.1% in the June 2026 quarter, from 3.1% in the March 2026 quarter.
- The Reserve Bank raised the Official Cash Rate from 2.25% to 2.50%.
- Regular 91 petrol averaged 294.0c a litre in July, down from 312.5c in June.
- Filled jobs held steady at 2.35 million in June (seasonally adjusted), and were 0.3% higher than in June 2025.
- Retail card spending fell 1.4% in June to $6.99 billion (seasonally adjusted), and was 1.3% higher than in June 2025.
Inflation
Annual inflation rose to 4.1% in the June 2026 quarter, from 3.1% in the March 2026 quarter.
Prices rose 1.5% over the quarter itself.
Prices of tradable goods and services, which are imported or compete with imports, were 4.9% higher than a year earlier, and non-tradable (domestic) prices 3.4% higher.
That's above the Reserve Bank's 1–3% target band.
Full charts: Inflation and grocery prices
| Figure | Period | Latest | Change | On a year earlier |
|---|---|---|---|---|
| Annual inflation | June 2026 quarter | 4.1% | +1.0 pts | +1.4 pts |
| Price change in the quarter | June 2026 quarter | +1.5% | ||
| Tradable inflation | June 2026 quarter | 4.9% | ||
| Non-tradable inflation | June 2026 quarter | 3.4% |
Source: Stats NZ.
Food and power
Food prices were up 0.6% in June, and 2.5% higher than a year earlier.
Of the staples we track, butter moved most in June, rising 2.7% to $8.29.
Household electricity prices were up 0.4% in June, and 10.8% higher than a year earlier.
Full charts: Grocery prices
| Figure | Period | Latest | Change | On a year earlier |
|---|---|---|---|---|
| Food prices, change over the month | June 2026 | +0.6% | +2.5% | |
| Butter (500g) | June 2026 | $8.29 | +2.7% | −3.6% |
| Milk (2 litres) | June 2026 | $5.04 | −0.4% | +10.3% |
| Eggs (dozen) | June 2026 | $8.85 | −1.4% | −11.6% |
| White bread (600g) | June 2026 | $2.33 | −0.9% | +28.7% |
| Cheese (1kg) | June 2026 | $13.07 | +0.3% | +0.2% |
| Takeaway coffee | June 2026 | $5.23 | +0.4% | +4.6% |
| Electricity prices, change over the month | June 2026 | +0.4% | +10.8% |
Source: Stats NZ. Grocery prices are Stats NZ's national average prices across stores and brands.
Fuel
Regular 91 petrol averaged 294.0c a litre in July, down from 312.5c in June.
Diesel averaged 248.3c a litre, down from 287.9c in June.
Dubai crude oil averaged US$76.60 a barrel, down 5.1% on June, and the NZ dollar averaged 57.6 US cents, from 58.0 US cents.
The importer and retailer margin on a litre of 91 averaged 33.3c, from 49.7c in June.
Full charts: Fuel prices
| Figure | Period | Latest | Change | On a year earlier |
|---|---|---|---|---|
| Regular 91 petrol (per litre) | July 2026 | 294.0c | −18.6c | +39.2c |
| Premium 95 petrol (per litre) | July 2026 | 309.5c | −18.8c | +38.6c |
| Diesel (per litre) | July 2026 | 248.3c | −39.6c | +63.4c |
| Dubai crude oil (per barrel) | July 2026 | US$76.60 | −5.1% | +9.0% |
| NZ dollar (in US cents) | July 2026 | 57.6 | −0.4c | −2.5c |
| Margin on 91 (per litre) | July 2026 | 33.3c | −16.5c | −7.3c |
Source: MBIE Energy Statistics. Averages of MBIE's weekly prices for the weeks ending in July 2026. The most recent weeks are provisional and can be revised.
Interest rates
The Reserve Bank raised the Official Cash Rate from 2.25% to 2.50%.
The average standard 2-year fixed mortgage rate, before specials, was unchanged at 5.69% in June.
The average advertised 6-month term deposit rate fell to 3.45% in June, from 3.46% in May.
Full charts: Interest rates
| Figure | Period | Latest | Change | On a year earlier |
|---|---|---|---|---|
| Official Cash Rate | July 2026 | 2.50% | +0.25 pts | |
| Standard 2-year fixed mortgage rate | June 2026 | 5.69% | 0.00 pts | +0.10 pts |
| 6-month term deposit rate | June 2026 | 3.45% | −0.01 pts | −0.46 pts |
| 10-year government bond yield | June 2026 | 4.46% | −0.22 pts | −0.12 pts |
Source: Reserve Bank of New Zealand (RBNZ).
Housing
The national median house price fell to $759,000 in April, from $762,000 in March, and was 0.4% higher than a year earlier.
New homes consented fell 5.1% in May to 3,621 (seasonally adjusted).
In the year to May, 39,737 new homes were consented, 18.5% more than the year before.
Full charts: Housing and rent
| Figure | Period | Latest | Change | On a year earlier |
|---|---|---|---|---|
| National median house price | April 2026 | $759,000 | −0.4% | +0.4% |
| New homes consented (seasonally adjusted) | May 2026 | 3,621 | −5.1% | |
| New homes consented | Year to May 2026 | 39,737 | +18.5% |
Source: Ministry for Cities, Environment, Regions and Transport (MCERT), MBIE Tenancy Services (Market Rent), Stats NZ. A building consent is permission to build, not a finished home.
Jobs and pay
Filled jobs held steady at 2.35 million in June (seasonally adjusted), and were 0.3% higher than in June 2025.
Full charts: Wages and real incomes
| Figure | Period | Latest | Change | On a year earlier |
|---|---|---|---|---|
| Filled jobs (seasonally adjusted) | June 2026 | 2,349,001 | 0.0% | +0.3% |
Source: Stats NZ, Employment New Zealand (MBIE), Living Wage Movement Aotearoa New Zealand. Filled jobs: the change over the month is seasonally adjusted; the change on a year earlier compares actual counts.
Spending
Retail card spending fell 1.4% in June to $6.99 billion (seasonally adjusted), and was 1.3% higher than in June 2025.
| Figure | Period | Latest | Change | On a year earlier |
|---|---|---|---|---|
| Retail card spending (seasonally adjusted) | June 2026 | $6.99 billion | −1.4% | +1.3% |
Source: Stats NZ. Spending on debit, credit and charge cards in retail industries. The change over the month is seasonally adjusted; the change on a year earlier compares actual spending. It isn't adjusted for inflation, so higher prices alone can lift it.
Trade
Goods exports were $7.83 billion in June and imports $8.07 billion, a trade deficit of $240 million for the month.
Over the year to June, the goods trade deficit was $4.05 billion, compared with a deficit of $4.43 billion a year earlier.
| Figure | Period | Latest | On a year earlier |
|---|---|---|---|
| Goods exports | June 2026 | $7.83 billion | +20.7% |
| Goods imports | June 2026 | $8.07 billion | +27.5% |
| Trade balance | June 2026 | −$240 million | |
| Trade balance | Year to June 2026 | −$4.05 billion |
Source: Stats NZ. Goods only: services such as tourism aren't counted. The latest three months are provisional.
Tourism
In May, 203,308 overseas visitors arrived, 6.7% more than a year earlier.
Over the year to May, 3.66 million visitors arrived, 8.5% more than the year before.
| Figure | Period | Latest | On a year earlier |
|---|---|---|---|
| Visitor arrivals | May 2026 | 203,308 | +6.7% |
| Visitor arrivals | Year to May 2026 | 3,659,447 | +8.5% |
Source: Stats NZ. Counts arrivals, so a visitor making two trips counts twice. Not seasonally adjusted, so it's compared with the same month a year earlier.
How this report is made
Every figure and sentence here is built from the same data behind this site's charts. Nothing is typed in by hand or written by AI.
Each edition covers the figures published that month, not the period they describe: inflation for the June quarter comes out in July, so it's in the July edition, and house prices come out about three months after the month they cover. Rent is quarterly, so it's in every third edition. Every table row says which period its figure is for. Weekly fuel prices are averaged over the month.
An edition is saved when it's published, on the 1st of the next month, and doesn't change when agencies later revise their figures, so it shows what was known at the time. The latest revised figures are on the site's data pages. Any correction to an edition is dated and explained at the top. How the data is collected.