Consumers Price Index: September 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 September 2024 quarter.

Quarterly change

Within the 0.6 percent rise in the CPI in the September 2024 quarter, higher prices were recorded for:

• local authority rates and payments, up 12.2 percent (51.0 percent contribution to the 0.6 percent rise for all groups)
• vegetables, up 8.4 percent (16.1 percent contribution to all groups)
• pharmaceutical products, up 17.0 percent (15.2 percent contribution to all groups).

These were partly offset by lower prices for:

• petrol, down 6.5 percent (-40.6 percent contribution to all groups)
• early childhood education, down 22.8 percent (-18.4 percent contribution to all groups).

Rates are captured once a year in the September quarter, as this is when ratepayers see price changes set by councils.

Annual change

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

• actual rentals for housing, up 4.5 percent (18.9 percent contribution to the 2.2 percent rise for all groups)
• local authority rates and payments, up 12.2 percent (15.8 percent contribution to all groups)
• cigarettes and tobacco, up 10.0 percent (13.8 percent contribution to all groups).

These were partly offset by lower prices for:

• petrol, down 8.0 percent (-14.8 percent contribution to all groups)
• vegetables, down 17.9 percent (-14.1 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 4.9 percent increase in non-tradeables inflation in the 12 months to the September 2024 quarter, higher prices were recorded for:

• actual rentals for housing, up 4.5 percent (15.0 percent contribution to the 4.9 percent rise for all groups non-tradeable)
• local authority rates and payments, up 12.2 percent (12.6 percent contribution to all groups non-tradeable).

These were partly offset by lower prices for:

• early childhood education, down 22.8 percent (-4.5 percent contribution to all groups non-tradeable)
• domestic air transport, down 11.2 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 1.6 percent decrease in tradeable inflation in the 12 months to the September 2024 quarter, lower prices were recorded for:

• petrol, down 8.0 percent (51.5 percent contribution to the 1.6 percent fall in all groups tradeable)
• vegetables, down 17.9 percent (49.1 percent contribution to all groups tradeable).

These were partly offset by higher prices for:

• overseas accommodation prepaid in New Zealand, up 5.1 percent (-16.4 percent contribution to all groups tradeable)
• oils and fats, up 24.9 percent (-10.5 percent contribution to all groups tradeable).

Annual inflation, international comparisons

OECD Inflation (CPI) has more data on international inflation rates.

Prescription charges

The $5 prescription co-payment was reinstated on 1 July 2024. The impact of this was reflected in the pharmaceutical products class.

We have also introduced more frequent collection of prescription fee data and are now accurately capturing the effect of the Prescription subsidy scheme as well.

A household becomes eligible for the prescription subsidy scheme once they have paid for 20 prescription items from 1 February each year. Using historical data, we've observed that over the course of a year, because of the 20 item cap, the average price the consumer pays for prescriptions falls approximately 60 percent to January.

In 2024, the prescription count began on 1 July 2024 due to the reinstatement of the co-payment. This will reset on 1 February 2025, like previous years. This will be captured in the Consumers price index: March 2025 quarter.

Early childhood education

We have made an adjustment to early childhood education in the CPI to reflect the rebate households may now receive through the FamilyBoost scheme.

Inland Revenue has provided data about the anticipated fall in household expenditure on early childhood education in 2024/25 due to FamilyBoost. A fall of about $174 million is expected in CPI expenditure on early childhood education.

Early childhood education fell 22.8 percent in the September 2024 quarter. This reflects regular price changes for early childhood education, and the impact of the FamilyBoost rebate.

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: December 2024 quarter will be released on 22 January 2025.