New Zealand Inflation Calculator
Disclaimer:The figures produced by the Calculator are offered as guides only and should not be regarded as 'official' Reserve Bank calculations. While every effort is made to ensure that the calculations used to generate the Calculator's outputs are correct, the Reserve Bank will accept no liability or responsibility for any errors or for any use to which the resulting figures may be put.
About the Inflation Calculator
The Inflation Calculator uses price data, mostly from Statistics New Zealand, to calculate the change in purchasing power of an amount of money between two dates, specified by the user. The difference between the input value and the Calculator's output value represents the effect of the inflation or deflation that has occurred over that time, as measured by the selected index.
The available price deflators are:
- General – uses the “all groups” Consumers Price Index (“CPI”), published by Statistics New Zealand. Estimates for the years between 1862 and 1914 have been included but should not be regarded as being official, or of the same quality as the published CPI.
- Food – Food Price Group from the CPI, Statistics New Zealand.
- Clothing – Clothing and Footwear Group from the CPI, Statistics New Zealand.
- Housing – House Price Index, Quotable Value Limited.
- Wages – Hourly wage in dollars (private sector, ordinary time) from Quarterly Employment Survey, Statistics New Zealand.
- Transport – Transport Group from the CPI, Statistics New Zealand.
The Calculator only works with decimals, therefore an amount like £5.11.6 needs to be input as 5.575 (£5 + 11.5/20 shillings). Prior to decimalisation on 10 July 1967, New Zealand used a system of currency made up of pounds, shillings and pence. One pound was equivalent to 20 shillings, and 12 pence made up one shilling. The Calculator presumes that if a date prior to July 1967 is selected then the denomination is pounds; if a date after that is selected the denomination is presumed to be dollars. At decimalisation, £1 = $2.
For more information select the following link: About the Inflation Calculator. An article in the December 2003 Reserve Bank Bulletin discusses further the functionality of the Calculator and its uses (PDF 78KB), with specific reference to CPI inflation.
Some of the historical series used as inputs into the Calculator are available on the Bank’s web site in the Income and prices section of Economic Indicators in the Statistics menu. The House Price Index is available in Key Graphs.