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Capital Goods Prices Rise

Capital Goods Price Index: December 2001 Quarter

Capital goods prices rose 0.5 percent in the December 2001 quarter compared with the September 2001 quarter, according to Statistics New Zealand.

The most significant contributions to the overall increase came from a 0.7 percent increase in the residential buildings index and a 0.8 percent increase in the non-residential buildings index. These increases were largely driven by higher prices for new houses, buildings for religious purposes, hotels and motels.

Other construction prices rose 1.0 percent this quarter, following a 1.8 percent rise in the September 2001 quarter. The transport ways asset type index made the most significant contribution to the other construction index. Road construction accounted for almost the entire increase in the transport ways asset type index.

The prices of the three other major asset groups rose this quarter compared with the September 2001 quarter (prices for plant, machinery and equipment by 0.2 percent, transport equipment by 0.3 percent and land improvements by 0.4 percent). The most significant upward contributions to the plant, machinery and equipment index came from the other electrical equipment index (up 2.5 percent) which includes electrical equipment for vehicles; and the agricultural and forestry equipment index (up 1.0 percent). The most significant downward contributions to the plant, machinery and equipment index came from price falls of 1.0 percent for the computer machinery index and 0.5 percent for the other special purpose machinery index (bookbinding and printing machinery).

This is the twelfth consecutive quarter for which an annual increase has been recorded in the Capital Goods Price Index. The index is now 1.2 percent higher than in the December 2000 quarter.

Brian Pink
Government Statistician

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