Labour Cost Index in New Zealand

Stats NZ · Quarterly · Importance

1,273.1 (Q2-26) ABS · index · Quarterly · CSV

Period	index
Apr 2026	1,273.1
Jan 2026	1,265.3
Oct 2025	1,259.2
Jul 2025	1,253.9
Apr 2025	1,248.7
Jan 2025	1,240.8
Oct 2024	1,234.7
Jul 2024	1,227.7
Apr 2024	1,219.9
Jan 2024	1,205.9
Oct 2023	1,196.3
Jul 2023	1,184.1
Apr 2023	1,170.2
Jan 2023	1,157.9
Oct 2022	1,146.6
Jul 2022	1,134.4
Apr 2022	1,122.2
Jan 2022	1,109.9
Oct 2021	1,101.2
Jul 2021	1,094.2
Apr 2021	1,085.5
Jan 2021	1,077.7
Oct 2020	1,073.3
Jul 2020	1,068.9
Apr 2020	1,062.8
Jan 2020	1,060.2
Oct 2019	1,056.7
Jul 2019	1,048.9
Apr 2019	1,041.0
Jan 2019	1,034.0
Oct 2018	1,029.7
Jul 2018	1,024.4
Apr 2018	1,019.2
Jan 2018	1,014.0
Oct 2017	1,010.5
Jul 2017	1,006.1
Apr 2017	1,000.0
Jan 2017	995.6
Oct 2016	992.1
Jul 2016	987.8
Apr 2016	983.4
Jan 2016	979.9
Oct 2015	976.4
Jul 2015	972.1
Apr 2015	968.6
Jan 2015	964.2
Oct 2014	961.6
Jul 2014	956.4
Apr 2014	952.9
Jan 2014	948.5
Oct 2013	945.0
Jul 2013	941.5
Apr 2013	937.2
Jan 2013	933.7
Oct 2012	930.2
Jul 2012	925.8
Apr 2012	921.5
Jan 2012	918.0
Oct 2011	913.6
Jul 2011	908.4

Period	%
Apr 2026	0.6%
Jan 2026	0.5%
Oct 2025	0.4%
Jul 2025	0.4%
Apr 2025	0.6%
Jan 2025	0.5%
Oct 2024	0.6%
Jul 2024	0.6%
Apr 2024	1.2%
Jan 2024	0.8%
Oct 2023	1.0%
Jul 2023	1.2%
Apr 2023	1.1%
Jan 2023	1.0%
Oct 2022	1.1%
Jul 2022	1.1%
Apr 2022	1.1%
Jan 2022	0.8%
Oct 2021	0.6%
Jul 2021	0.8%
Apr 2021	0.7%
Jan 2021	0.4%
Oct 2020	0.4%
Jul 2020	0.6%
Apr 2020	0.3%
Jan 2020	0.3%
Oct 2019	0.8%
Jul 2019	0.8%
Apr 2019	0.7%
Jan 2019	0.4%
Oct 2018	0.5%
Jul 2018	0.5%
Apr 2018	0.5%
Jan 2018	0.4%
Oct 2017	0.4%
Jul 2017	0.6%
Apr 2017	0.4%
Jan 2017	0.4%
Oct 2016	0.4%
Jul 2016	0.4%
Apr 2016	0.4%
Jan 2016	0.4%
Oct 2015	0.5%
Jul 2015	0.4%
Apr 2015	0.5%
Jan 2015	0.3%
Oct 2014	0.6%
Jul 2014	0.4%
Apr 2014	0.5%
Jan 2014	0.4%
Oct 2013	0.4%
Jul 2013	0.5%
Apr 2013	0.4%
Jan 2013	0.4%
Oct 2012	0.5%
Jul 2012	0.5%
Apr 2012	0.4%
Jan 2012	0.5%
Oct 2011	0.6%
Jul 2011	0.6%

Period	%
Apr 2026	2.0%
Jan 2026	2.0%
Oct 2025	2.0%
Jul 2025	2.1%
Apr 2025	2.4%
Jan 2025	2.9%
Oct 2024	3.2%
Jul 2024	3.7%
Apr 2024	4.3%
Jan 2024	4.1%
Oct 2023	4.3%
Jul 2023	4.4%
Apr 2023	4.3%
Jan 2023	4.3%
Oct 2022	4.1%
Jul 2022	3.7%
Apr 2022	3.4%
Jan 2022	3.0%
Oct 2021	2.6%
Jul 2021	2.4%
Apr 2021	2.1%
Jan 2021	1.7%
Oct 2020	1.6%
Jul 2020	1.9%
Apr 2020	2.1%
Jan 2020	2.5%
Oct 2019	2.6%
Jul 2019	2.4%
Apr 2019	2.1%
Jan 2019	2.0%
Oct 2018	1.9%
Jul 2018	1.8%
Apr 2018	1.9%
Jan 2018	1.8%
Oct 2017	1.9%
Jul 2017	1.9%
Apr 2017	1.7%
Jan 2017	1.6%
Oct 2016	1.6%
Jul 2016	1.6%
Apr 2016	1.5%
Jan 2016	1.6%
Oct 2015	1.5%
Jul 2015	1.6%
Apr 2015	1.7%
Jan 2015	1.7%
Oct 2014	1.8%
Jul 2014	1.6%
Apr 2014	1.7%
Jan 2014	1.6%
Oct 2013	1.6%
Jul 2013	1.7%
Apr 2013	1.7%
Jan 2013	1.7%
Oct 2012	1.8%
Jul 2012	1.9%
Apr 2012	2.0%
Jan 2012	2.0%
Oct 2011	2.1%
Jul 2011	2.0%

About this indicator

Source

Statistics New Zealand (Stats NZ)

Frequency

Quarterly

Release

About five weeks after the quarter closes, within the Labour Market Statistics release (10:45 NZ time).

What it is

New Zealand's Labour Cost Index (LCI) measures the change in salary and wage rates for a fixed quantity and quality of work, stripping out the effect of the changing composition of employment. It is published by Stats NZ and is the wage-inflation gauge watched by the Reserve Bank of New Zealand (RBNZ).

How it's calculated

Stats NZ surveys a fixed sample of jobs each quarter (all sectors and occupations) and computes the salary and wage rates index, publishing its quarter-on-quarter (QoQ) and year-on-year (YoY) changes.

Market implications

A high LCI signals wage-inflation pressures that may lead the RBNZ to hold or raise rates; a low LCI gives room to cut. By isolating the composition effect it is a more reliable measure of pure inflationary pressure than average earnings, so a strong print tends to support the New Zealand dollar (NZD).

Limitations

It is a quarterly series with minor revisions. It does not capture bonuses or variable payments, only contractual salary and wage rates, so it can understate actual pay when bonuses are significant.