Petrol and diesel prices surge, with Statistics NZ’s latest figures showing petrol prices jumped 34% over 2 months, with diesel prices up 95%

Petrol prices rose 33.6% and diesel a massive 94.9% over the two months from February, Statistics NZ says.

Statistics New Zealand's latest Selected Price Indexes (SPI) figures, released on Friday, also show from March to April, petrol prices jumped 12.6% while diesel prices increased 36.6%.

The SPI is a monthly series featuring about 47% of the contributors to the quarterly Consumers Price Index (CPI) - New Zealand's official measure of inflation. The SPI also includes monthly data on things like food, alcoholic beverages and tobacco, rental housing, utilities, transport and accommodation services.

These latest SPI figures and last month's data reflects how conflict in the Middle East has impacted fuel supply and caused major supply disruption in the history of the global oil market.

This follows March’s SPI data which showed petrol prices and diesel prices had seen major increases from February to March - with petrol going up 18.6% and diesel prices jumping 42.6%.

In the year to April, prices for these two fuel types had also increased - petrol was up 30.1% and diesel increased 91.3%.

Energy prices continue to increase

Electricity prices have been increasing every month from December 2024,  Statistics NZ’s prices and deflators spokesperson Nicola Growden says.

Electricity prices saw a monthly jump of 2.4% and gas rose 0.3%.

In the year to April, electricity prices were up 13.1% and gas prices were up 10.8%.

Domestic and international airfares

Domestics airfares increased 4.2% monthly, while international airfares jumped 6.2%. Meanwhile, in the 12 months to April, domestic airfares dropped 6.9%, and international airfares fell 6.5%.

Growden said Easter, school holidays and Anzac Day all fell in April this year.

“Airfares reflect pricing set up to 12 months in advance, so movements can be influenced by a range of factors.”

Monthly food prices flat 

As for food, the latest data showed food prices were flat overall between March and April.

The grocery food group jumped 0.7% while fruit and vegetables fell 2.3%.

Avocados, meat pies and chocolate blocks were recorded as having price increases while price decreases were recorded for kiwifruit, apples and legs of lamb.

All food groups saw a yearly increase

In the year to April, food prices increased 2.6% following a 3.4% rise in the 12 months to March.

Statistics NZ said all food groups recorded an increase in price between April 2025 and April 2026.

Prices for the meat, poultry and fish group rose 7.8% and contributed the most to the annual increase in food prices. The largest contributors to the annual increase were porterhouse/sirloin steak, beef mince, takeaway coffee, and white bread.

The restaurant meals and ready-to-eat food group was the second largest contributor to the annual increase in food prices and was up 2.7% annually.

Price decreases were recorded for olive oil and potato chips.

CPI and the Official Cash Rate

In April, the Reserve Bank (RBNZ) held the Official Cash Rate (OCR) at 2.25% and updated its inflation forecast - projecting 3.0% for the March quarter (previously the RBNZ had projected 2.8%) and 4.2% in the June quarter.

The RBNZ’s projection was based on observed higher fuel prices and current futures pricing, which assumed Dubai crude oil prices would drop below US$100 per barrel by the end of June.

But uncertainty runs through the RBNZ’s projections as well as those of economists.

As of the March quarter, the CPI was recording an annual rate of inflation of 3.1%, which is outside the 1% to 3% target the RBNZ has.

Several bank economists have brought forward their OCR hike projections - with many picking July but not ruling out the possibility of an increase in May.

Here is the detailed SPI information for April as supplied by Statistics New Zealand: