Credit and prices · Edition 2
Private credit grew 31.2% in Jul 2026, against 4.2% inflation
Annual private-sector credit growth was 31.2%, against 4.2% headline inflation in Jul 2026. These are different rates of change, not a measure of loan quality.
Observation: · Source released: date not recorded · KCP published: KCP Data Desk
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 | 2026-07 | 4.2 |
| Credit growth | 2026-07 | 31.2 |
What changed
Annual private-sector credit growth was 31.2%, against 4.2% headline inflation in Jul 2026. These are different rates of change, not a measure of loan quality.
Why it matters
The gap widened to 27.0pp in Jul 2026, from 24.1pp in Jun 2026; this does not measure loan quality.
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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