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Capital Goods Prices Rise

Capital Goods Prices Rise

Capital goods prices rose 0.2 percent in the December 2002 quarter compared with the September 2002 quarter, according to Statistics New Zealand. On an annual basis, the Capital Goods Price Index rose 0.9 percent from the December 2001 quarter to the December 2002 quarter.

The most significant upward contribution to the overall increase of 0.2 percent this quarter came from a 1.7 percent increase in the residential buildings index. This 1.7 percent increase was mainly due to higher construction material costs, and is the largest quarterly increase in the residential buildings index since a 1.9 percent increase was recorded in the June 1996 quarter.

Other contributions this quarter came from the non-residential buildings index (up 0.3 percent) and the land improvements index (up 0.1 percent).

The transport equipment index decreased by 0.2 percent in the December 2002 quarter. The most significant contribution to this decrease came from a fall of 0.7 percent in the price of cars over 1600cc, due to recent model changes after adjusting for quality differences.

The plant, machinery and equipment index fell by 0.7 percent in the December 2002 quarter. This is the fourth consecutive quarterly fall in this index. The most significant downward contribution to the index this quarter came from a 3.9 percent fall in the computer machinery index.

Brian Pink

Government Statistician

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