New Zealand's economy in August 2026
The figures published in August 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
- Unemployment rose to 5.6% in the June 2026 quarter, from 5.4% in the March 2026 quarter.
- Regular 91 petrol averaged 298.9c a litre in August, up from 294.0c in July.
- Retail card spending rose 1.2% in July to $7.08 billion (seasonally adjusted), and was 3.4% higher than in July 2025.
- Food prices were up 0.1% in July, and 1.9% higher than a year earlier.
- The national median house price fell to $758,000 in May, from $759,000 in April, and was 1.9% higher than a year earlier.
Food and power
Food prices were up 0.1% in July, and 1.9% higher than a year earlier.
Of the staples we track, eggs moved most in July, falling 4.1% to $8.49.
Household electricity prices were down 0.1% in July, and 9.5% higher than a year earlier.
Full charts: Grocery prices
| Figure | Period | Latest | Change | On a year earlier |
|---|---|---|---|---|
| Food prices, change over the month | July 2026 | +0.1% | +1.9% | |
| Butter (500g) | July 2026 | $8.43 | +1.7% | −1.9% |
| Milk (2 litres) | July 2026 | $5.12 | +1.6% | +8.9% |
| Eggs (dozen) | July 2026 | $8.49 | −4.1% | −15.5% |
| White bread (600g) | July 2026 | $2.38 | +2.1% | +26.6% |
| Cheese (1kg) | July 2026 | $12.95 | −0.9% | −0.5% |
| Takeaway coffee | July 2026 | $5.24 | +0.2% | +4.2% |
| Electricity prices, change over the month | July 2026 | −0.1% | +9.5% |
Source: Stats NZ. Grocery prices are Stats NZ's national average prices across stores and brands.
Fuel
Regular 91 petrol averaged 298.9c a litre in August, up from 294.0c in July.
Diesel averaged 267.9c a litre, up from 248.3c in July.
Dubai crude oil averaged US$87.50 a barrel, up 14.2% on July, and the NZ dollar averaged 59.1 US cents, from 57.6 US cents.
The importer and retailer margin on a litre of 91 averaged 36.4c, from 33.3c in July.
Full charts: Fuel prices
| Figure | Period | Latest | Change | On a year earlier |
|---|---|---|---|---|
| Regular 91 petrol (per litre) | August 2026 | 298.9c | +4.9c | +45.9c |
| Premium 95 petrol (per litre) | August 2026 | 314.5c | +5.0c | +45.1c |
| Diesel (per litre) | August 2026 | 267.9c | +19.6c | +83.0c |
| Dubai crude oil (per barrel) | August 2026 | US$87.50 | +14.2% | +25.0% |
| NZ dollar (in US cents) | August 2026 | 59.1 | +1.5c | 0.0c |
| Margin on 91 (per litre) | August 2026 | 36.4c | +3.1c | −0.4c |
Source: MBIE Energy Statistics. Averages of MBIE's weekly prices for the weeks ending in August 2026. The most recent weeks are provisional and can be revised.
Interest rates
The Official Cash Rate remained at 2.50%.
The average standard 2-year fixed mortgage rate, before specials, rose to 5.73% in July, from 5.69% in June.
The average advertised 6-month term deposit rate was unchanged at 3.45% in July.
In the Reserve Bank's August survey, business leaders and professional forecasters expected annual inflation of 2.34% in two years' time, down from 2.53% in the May survey.
Full charts: Interest rates
| Figure | Period | Latest | Change | On a year earlier |
|---|---|---|---|---|
| Official Cash Rate | August 2026 | 2.50% | 0.00 pts | |
| Standard 2-year fixed mortgage rate | July 2026 | 5.73% | +0.04 pts | +0.14 pts |
| 6-month term deposit rate | July 2026 | 3.45% | 0.00 pts | −0.46 pts |
| 10-year government bond yield | July 2026 | 4.61% | +0.15 pts | +0.06 pts |
| Inflation expected in two years' time | August 2026 survey | 2.34% | −0.19 pts |
Source: Reserve Bank of New Zealand (RBNZ).
Housing
The national median house price fell to $758,000 in May, from $759,000 in April, and was 1.9% higher than a year earlier.
New homes consented fell 3.7% in June to 3,487 (seasonally adjusted).
In the year to June, 40,581 new homes were consented, 19.4% more than the year before.
Full charts: Housing and rent
| Figure | Period | Latest | Change | On a year earlier |
|---|---|---|---|---|
| National median house price | May 2026 | $758,000 | −0.1% | +1.9% |
| New homes consented (seasonally adjusted) | June 2026 | 3,487 | −3.7% | |
| New homes consented | Year to June 2026 | 40,581 | +19.4% |
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
Unemployment rose to 5.6% in the June 2026 quarter, from 5.4% in the March 2026 quarter.
Filled jobs rose 0.2% in July to 2.35 million (seasonally adjusted), and were 0.6% higher than in July 2025.
Wage rates were 2.0% higher in the June 2026 quarter than a year earlier, on Stats NZ's Labour Cost Index. That's behind annual inflation of 4.1% for the same quarter, so wage rates bought less than a year before.
Full charts: Wages and real incomes
| Figure | Period | Latest | Change | On a year earlier |
|---|---|---|---|---|
| Unemployment rate | June 2026 quarter | 5.6% | +0.2 pts | +0.4 pts |
| Filled jobs (seasonally adjusted) | July 2026 | 2,354,615 | +0.2% | +0.6% |
| Wage growth (annual) | June 2026 quarter | 2.0% |
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 rose 1.2% in July to $7.08 billion (seasonally adjusted), and was 3.4% higher than in July 2025.
| Figure | Period | Latest | Change | On a year earlier |
|---|---|---|---|---|
| Retail card spending (seasonally adjusted) | July 2026 | $7.08 billion | +1.2% | +3.4% |
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 $7.22 billion in July and imports $9.33 billion, a trade deficit of $2.12 billion for the month.
Over the year to July, the goods trade deficit was $5.41 billion, compared with a deficit of $4.17 billion a year earlier.
| Figure | Period | Latest | On a year earlier |
|---|---|---|---|
| Goods exports | July 2026 | $7.22 billion | +10.8% |
| Goods imports | July 2026 | $9.33 billion | +28.4% |
| Trade balance | July 2026 | −$2.12 billion | |
| Trade balance | Year to July 2026 | −$5.41 billion |
Source: Stats NZ. Goods only: services such as tourism aren't counted. The latest three months are provisional.
Tourism
In June, 201,885 overseas visitors arrived, 8.1% more than a year earlier.
Over the year to June, 3.67 million visitors arrived, 8.9% more than the year before.
| Figure | Period | Latest | On a year earlier |
|---|---|---|---|
| Visitor arrivals | June 2026 | 201,885 | +8.1% |
| Visitor arrivals | Year to June 2026 | 3,674,579 | +8.9% |
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.