# Superannuitant Household Living Costs — March 2026 Quarter

**Source:** Stats NZ — Household Living-Costs Price Indexes (HLPI)  
**URL:** https://www.stats.govt.nz/news/household-living-costs-increase-2-1-percent/  
**Release Date:** 29 April 2026  
**Next Release:** 28 July 2026 (June 2026 quarter)  
**Access Date:** 9 June 2026

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## Headline

**Superannuitant households experienced the highest quarterly inflation** of all household groups in the March 2026 quarter — **1.1%** — tied with the lowest-spending (Quintile 1) households.

By comparison:

- All households: **0.8%**
- Highest-spending (Quintile 5): **0.2%**
- Beneficiaries: **1.0%**
- Māori households: **0.9%**

## Annual Inflation Context

- HLPI all-households: +2.1% (down from +2.2% in December 2025 quarter)
- CPI (headline): +3.1% (unchanged)
- This is the **fourth consecutive quarter** where falling interest payments kept HLPI below CPI
- Mortgage interest payments fell **nearly 20%** — the largest annual fall since the series began 18 years ago

## Key Cost Drivers for Superannuitants (Quarterly)

| Item                    | Price Change | Share of Superannuitant Quarterly Inflation |
| ----------------------- | ------------ | ------------------------------------------- |
| Pharmaceutical products | +17.7%       | **14.4%** (largest single contributor)      |
| Electricity             | +2.6%        | ~12.5%                                      |
| Petrol                  | +3.5%        | ~12.5%                                      |

## Why Superannuitants Are Hit Harder

1. **Prescription charge reset** (1 February 2026): Pharmaceuticals rose 17.7% as the $5 prescription co-payment was reintroduced. Superannuitants use more prescription medicines than other groups, making them disproportionately affected.

2. **Electricity is a higher share of spending**: Superannuitants spend a larger proportion of their budget on electricity (7.5% for Quintile 1 overall; superannuitants are similarly exposed) compared to highest-spending households (2.1%).

3. **No mortgage benefit**: Falling mortgage interest (-20.9%) provided the most benefit to highest-spending households but minimal benefit to superannuitants, who mostly own homes without mortgages.

## Historical Annual HLPI vs CPI

| Quarter    | CPI     | HLPI (All Households) |
| ---------- | ------- | --------------------- |
| Mar-23     | 6.7     | 7.7 (peak)            |
| Mar-24     | 4.0     | 6.2                   |
| Sep-24     | 2.2     | 3.8                   |
| Dec-25     | 3.1     | 2.2                   |
| **Mar-26** | **3.1** | **2.1**               |

## Relevance to Seniors Advocacy

- **Cost-of-living evidence**: Superannuitants face the highest inflation rate of any household group, driven by necessities (pharmaceuticals, electricity, petrol) they cannot easily reduce
- **Prescription charges**: The $5 co-pay reintroduction is the single largest driver of superannuitant cost increases — directly relevant to health advocacy
- **NZ Super adequacy**: Persistent above-average inflation for superannuitants supports arguments for NZ Super increases or targeted cost-of-living support
- **Reframes the inflation narrative**: Headline CPI at 3.1% masks the reality that superannuitants face disproportionately higher costs

## Contact

- **Media:** media@stats.govt.nz | 021 285 9191
- **Technical:** Nicola Growden, prices and deflators spokesperson