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Capital Goods Prices Increase

Capital Goods Price Index: March 2001 quarter

Capital asset prices increased 0.1 per cent in the March 2001 quarter according to Statistics New Zealand's Capital Goods Price Index (CGPI). This quarter's increase follows a rise of 2.2 percent in the December 2000 quarter, which was the largest quarterly increase since the index began in December 1989. The CGPI is 4.0 per cent higher than in the March 2000 quarter.

Indexes for five of the six major asset groups in the CGPI rose in the March 2001 quarter. The largest contributors to the overall increase were rises of 0.8 per cent for residential buildings prices and 1.0 per cent for transport equipment prices. However, these increases were largely offset by a 0.9 per cent fall in the plant, machinery and equipment index. The plant, machinery and equipment asset group includes a large number of imported items. Prices of imported items are influenced by movements in the value of the New Zealand dollar, which rose against currencies of all our major trading partners in the March 2001 quarter.

Ian Ewing DEPUTY GOVERNMENT STATISTICIAN

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