Credit and prices · Edition 1
Private credit grew 28.1% in Jun 2026, against 4.0% inflation
Annual private-sector credit growth was 28.1%, against 4.0% headline inflation in Jun 2026. These are different rates of change, not a measure of loan quality.
Both rates come from the same Monthly Economic Review observation month. The visual compares published year-on-year rates and does not infer causality.
The numbers
| Measure | Date / period | Value (%) |
|---|---|---|
| Inflation | 2026-06 | 4 |
| Credit growth | 2026-06 | 28.1 |
What changed
Annual private-sector credit growth was 28.1%, against 4.0% headline inflation in Jun 2026. These are different rates of change, not a measure of loan quality.
Why it matters
Credit growth exceeded inflation by 24.1pp; this comparison does not establish who received the lending or their ability to repay.
Method and limits
Both rates come from the same Monthly Economic Review observation month. The visual compares published year-on-year rates and does not infer causality.
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