Consumers Price Index: December 2024 Quarter

The consumers price index (CPI) measures the rate of price change of goods and services purchased by New Zealand households.

Key facts

The following table shows the price changes for the December 2024 quarter.

Quarterly change

Within the 0.5 percent rise in the CPI in the December 2024 quarter, higher prices were recorded for:

• international air transport, up 6.6 percent (23.3 percent contribution to the 0.5 percent rise for all groups)
• second-hand cars, up 4.7 percent (18.6 percent contribution to all groups)
• actual rentals for housing, up 0.8 percent (14.8 percent contribution to all groups).

These were partly offset by lower prices for:

• vegetables, down 11.5 percent (-33.0 percent contribution to all groups)
• confectionery, nuts, and snacks, down 3.7 percent (-11.6 percent contribution to all groups).

Annual change

Within the 2.2 percent increase in the CPI in the 12 months to the December 2024 quarter, higher prices were recorded for:

• actual rentals for housing, up 4.2 percent (18.0 percent contribution to the 2.2 percent rise for all groups)
• local authority rates and payments, up 12.2 percent (16.1 percent contribution to all groups)
• cigarettes and tobacco, up 7.6 percent (11.0 percent contribution to all groups).

These were partly offset by lower prices for:

• petrol, down 9.2 percent (-18.6 percent contribution to all groups)
• vegetables, down 14.6 percent (-9.9 percent contribution to all groups).

Tradeable and non-tradeable inflation

Non-tradeable inflation measures final goods and services that do not face foreign competition and is an indicator of domestic demand and supply conditions. However, the inputs of these goods and services can be influenced by foreign competition.

Within the 4.5 percent increase in non-tradeables inflation in the 12 months to the December 2024 quarter, higher prices were recorded for:

• actual rentals for housing, up 4.2 percent (15.2 percent contribution to the 4.5 percent rise for all groups non-tradeable)
• local authority rates and payments, up 12.2 percent (13.6 percent contribution to all groups non-tradeable).

These were partly offset by lower prices for:

• early childhood education, down 22.8 percent (-4.9 percent contribution to all groups non-tradeable)
• domestic accommodation, down 9.0 percent (-2.8 percent contribution to all groups non-tradeable).

Tradeable inflation measures final goods and services that are influenced by foreign markets.

Within the 1.1 percent decrease in tradeable inflation in the 12 months to the December 2024 quarter, lower prices were recorded for:

• petrol, down 9.2 percent (88.6 percent contribution to the 1.1 percent fall in all groups tradeable)
• vegetables, down 14.6 percent (47.4 percent contribution to all groups tradeable).

These were partly offset by higher prices for:

• overseas accommodation prepaid in New Zealand, up 9.2 percent (-40.9 percent contribution to all groups tradeable)
• games, toys, and hobbies, up 11.0 percent (-18.8 percent contribution to all groups tradeable).

Annual inflation, international comparisons

OECD Inflation has more data on international inflation rates.

Exclusion of December 2024 rental data

For the December 2024 quarter CPI, we have produced a quarterly movement for rental prices using the two months of data published for October and November 2024.

The administrative data for this information is provided by the Ministry of Business, Innovation and Employment (MBIE). MBIE has recently completed upgrades to their tenancy bond-lodgement system, and we need more time to integrate this data for the rental price indexes.

We're working to integrate this dataset in time for the release of Consumers price index: March 2025 quarter in April 2025.

More data

Use Infoshare to access the CPI time series:

Subject category: Economic indicators
Group: Consumers price index

Definitions and metadata

Consumers price index concepts - DataInfo+ gives definitions of terms used in this release and general methodology used to produce the CPI and related metadata.

Consumers price index - DataInfo+ gives general methodology used to produce the CPI and related metadata.

Technical enquiries

Alex Heath
04 931 4600
[email protected]

ISSN 1178-0452

Next release

Consumers price index: March 2025 quarter will be released on 17 April 2025.