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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
New ZealandNew Zealand Consumer Price Index climbed to 4.1% in April 2026
FMPMonthlyReleased July 2026
New Zealand Consumer Price Index climbed to 4.1% in April 2026, released July 2026, up 1.0% from March's 3.1% reading. The reading matched the 4.0% consensus. The print is running well above the 12-month average of 1.73%. Consumer Price Index is now the highest in 15 months.
Latest Release
4.1
Actual
4
Consensus
3.1
Previous
Median Absolute Error
±0.1 percentage points
across last 4 releases
Last Call
Jul 2026
Predicted: 4
Actual: 4.1
Error: -0.1
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| NZD/USD | ▲ Direct | +0.55 | FOREX | Moves with | → View |
| NZD/JPY | ▲ Direct | +0.45 | FOREX | Moves with | → View |
| AUD/NZD | ▼ Inverse | −0.40 | FOREX | Moves against | → View |
| EUR/NZD | ▼ Inverse | −0.35 | FOREX | Moves against | → View |
| XAU/USD | ▲ Direct | +0.30 | COMMODITIES | Moves with | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Consumer Price Index (New Zealand) was reported at 4.1% in July 2026. This beat the market consensus of 4% by 0.1%. The reading rose from the previous value of 3.1%. Trailing 12-month context per ETL data through July 2026. This is classified as a medium-impact indicator released on a monthly basis.
WHY IT MATTERS
The indicator has been trending upward over the last three releases.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with NZD/USD (Bullish NZD). A secondary relationship exists with NZD/JPY, positively correlated (Bullish NZD).
WHAT TO WATCH NEXT
Same-country events in the next 14 days include Employment Change QoQ (Aug 4) and Unemployment Rate (Aug 4).
Auto-generated from current model state · Refreshes on each release · Last update July 2026.
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Consumer Price Index - NZ
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About Consumer Price Index — New Zealand
DEFINITION
The Consumer Price Index (CPI) is a widely used financial indicator that measures the average change in prices of goods and services purchased by households over time. It is a key tool for tracking inflation and is used by governments, businesses, and individuals to make informed decisions about economic policies, investments, and personal finances. The CPI provides valuable insights into the overall health of the economy and helps to monitor the impact of price changes on consumers' purchasing power.
WHY THIS INDICATOR MATTERS
This release contributes to the broader macro picture used by cross-asset investors for positioning and risk management. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Apr 2026): actual 4.1 %, consensus 4 %. Prior reading (Oct 2025): 0.9 %. Before that (Jul 2025): 1 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a higher reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with NZD/USD (Bullish NZD, r=0.55) — a useful reference for forex-focused traders.
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Economic Calendar - NZ Events
| Sunday, August 2, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 22:45 | NZ | Building Permits MoM | -4 | -2.3 | -2.30 | Low | |