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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
New ZealandNew Zealand Consumer Price Index fell to 0.7% in July 2026
FMPMonthlyReleased October 2026
New Zealand Consumer Price Index fell to 0.7% in July 2026, released October 2026, down 0.8% from June's 1.5% reading. The reading missed the 0.8% consensus by 0.1%. The print is running well below the 12-month average of 2.2%. Consumer Price Index is now the lowest in 12 months.
Latest Release
0.7
Actual
0.8
Consensus
1.5
Previous
Median Absolute Error
±0.1 percentage points
across last 5 releases
Last Call
Oct 2026
Predicted: 0.8
Actual: 0.7
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 0.7% in October 2026. This missed the market consensus of 0.8% by 0.1%. The reading fell from the previous value of 1.5%. Trailing 12-month context per ETL data through October 2026. This is classified as a medium-impact indicator released on a monthly basis.
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 (Nov 3) and Unemployment Rate (Nov 3).
Auto-generated from current model state · Refreshes on each release · Last update October 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 (Jul 2026): actual 0.7 %, consensus 0.8 %. Prior reading (Apr 2026): 4.1 %. Before that (Oct 2025): 0.9 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a lower reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bearish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary headwind 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
| Thursday, October 29, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 00:00 | NZ | ANZ Business Confidence | 52.5 | 51.9 | 51.5 | 52.00 | Medium |
| 21:00 | NZ | ANZ Roy Morgan Consumer Confidence | 96.2 | 97.6 | 97.4 | 96.80 | Low |