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Consumers price index (CPI) inflation increased 2.5% in the 12 months to the March 2025 quarter, according to figures released by Stats NZ today.

That follows a 2.2% annual increase to the December 2024 quarter and is slightly higher than economist forecasts.

It was up 0.9% for the first quarter of 2025.

“The annual inflation rate is within the Reserve Bank of New Zealand’s target band of 1 to 3% for the third consecutive quarter,” prices and deflators spokesperson Nicola Growden said.

Between the June 2021 and June 2024 quarters, annual inflation was above the target band.

The largest contributor to the annual inflation rate was rent, up 3.7% . Rent prices contributed 14% of the 2.5% annual increase.

“This is the first time annual rent has increased by less than 4%since 2021,” Growden said.

“Rent is one of the largest weighted items in the CPI basket, so the increase still had a large impact on the overall movement.”

Local authority rates and payments were another big driver, increasing 12.2% in the 12 months to the March 2025 quarter (14% contribution to the 2.5% increase).

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

Construction prices also increased, up 1.9% in the 12 months to the March 2025 quarter (7% contribution to the 2.5% increase).

Lower petrol prices slightly offset the annual CPI increase, with prices down 2.8% in the 12 months to the March 2025 quarter.

This decrease followed a 9.2% decrease in petrol prices in the 12 months to the December 2024 quarter.

Liam Dann is business editor-at-large for the New Zealand Herald. He is a senior writer and columnist, and also presents and produces videos and podcasts. He joined the Herald in 2003.