RBNZ Survey: NZ two-year inflation expectations pick up to at 2.37% QoQ in Q1 2026
By Dhwani Mehta
Date Published: 13 Feb 2026 | Date Modified: 13 Feb 2026
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New Zealand's (NZ) inflation expectations rose on a 12-month time frame and on a two-year time frame for the first quarter of 2026, the Reserve Bank of New Zealand’s (RBNZ) latest monetary conditions survey showed on Friday.
New Zealand's (NZ) inflation expectations rose on a 12-month time frame and on a two-year time frame for the first quarter of 2026, the Reserve Bank of New Zealand’s (RBNZ) latest monetary conditions survey showed on Friday.
Two-year inflation expectations, seen as the time frame when RBNZ policy action will filter through to prices, picked up to 2.37% in Q1 2026 versus 2.28% seen in Q4 2025.
NZ average one-year inflation expectations rose to 2.59% in Q1 vs. 2.39% in the final quarter of last year.
NZD/USD reaction to inflation expectations
At press time, NZD/USD is little changed on the day at around 0.6035.
(This story was corrected on February 13 at 7:15 GMT to say that "Two-year inflation expectations, seen as the time frame when RBNZ policy action will filter through to prices, picked up to 2.37% in Q1 2026, not Q4 2026, and NZ average one-year inflation expectations rose to 2.59% in Q1, not Q4. )
New Zealand Dollar Price Today
The table below shows the percentage change of New Zealand Dollar (NZD) against listed major currencies today. New Zealand Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.02% | 0.03% | 0.28% | 0.00% | -0.01% | -0.07% | 0.02% | |
| EUR | -0.02% | 0.00% | 0.31% | -0.01% | -0.03% | -0.09% | -0.00% | |
| GBP | -0.03% | -0.01% | 0.27% | -0.02% | -0.04% | -0.10% | -0.01% | |
| JPY | -0.28% | -0.31% | -0.27% | -0.27% | -0.31% | -0.36% | -0.28% | |
| CAD | -0.01% | 0.01% | 0.02% | 0.27% | -0.04% | -0.09% | 0.00% | |
| AUD | 0.01% | 0.03% | 0.04% | 0.31% | 0.04% | -0.06% | 0.03% | |
| NZD | 0.07% | 0.09% | 0.10% | 0.36% | 0.09% | 0.06% | 0.09% | |
| CHF | -0.02% | 0.00% | 0.00% | 0.28% | -0.01% | -0.03% | -0.09% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the New Zealand Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent NZD (base)/USD (quote).
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