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Capital Goods Prices Rise 0.1 Percent

Capital Goods Prices Rise 0.1 Percent

Capital goods prices rose 0.1 percent in the September 2002 quarter compared with the June 2002 quarter, according to Statistics New Zealand. On an annual basis, the Capital Goods Price Index rose 1.2 percent from the September 2001 quarter to the September 2002 quarter.

In the September 2002 quarter, the most significant contribution to the overall increase of 0.1 percent came from a 0.7 percent increase in the residential buildings index. This index last recorded a fall in the December 1998 quarter, when it fell 0.1 percent. The non-residential buildings index rose 0.3 percent in the September 2002 quarter.

The index for land improvements increased by 1.5 percent in the September 2002 quarter. The most significant upward contribution to this index came from the irrigation and land drainage index with an increase of 2.7 percent, mainly due to higher prices for PVC pipes.

The plant, machinery and equipment index fell by 0.6 percent in the September 2002 quarter. The most significant downward contribution came from a 6.9 percent fall in the computer machinery index, which fell due to the effects of the exchange rate and competition in the computer market.

The machinery for mining, quarrying and construction index (down 1.1 percent) and the machinery for food, beverage and tobacco processing index (down 1.4 percent) also contributed to the fall.

The falls were partly offset by a 1.4 percent increase in the other special purpose machinery index, mainly due to higher prices for printing machinery.

Brian Pink

Government Statistician

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