Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


CPI Rises 0.4 Percent

CPI Rises 0.4 Percent

The Consumers Price Index (CPI) rose by 0.4 percent in the March 2003 quarter, according to Statistics New Zealand. This mainly reflects higher prices for housing, cigarettes and petrol, along with a seasonal fall in fares for international air travel.

Housing prices rose by 1.0 percent in the March 2003 quarter, driven by increases in the purchase and construction of new dwellings (up 1.4 percent). The rising cost of construction materials was widely reported by surveyed builders as a contributing reason for this increase.

Less significant upward contributions to the increase in housing came from price rises for rents (up 0.8 percent) and real estate service fees (up 3.1 percent).

A 0.7 percent rise in tobacco and alcohol prices made the next most significant contribution to the increase in the CPI in the March 2003 quarter. On 1 December 2002 the excise duty on cigarettes and tobacco increased by 2.6 percent. Cigarettes and tobacco prices rose by 2.8 percent in the March 2003 quarter, following a rise of 1.1 percent in the December 2002 quarter.

Transportation prices rose by 0.4 percent in the March 2003 quarter. This increase was mainly due to a 6.3 percent price rise for petrol and a partly offsetting fall in prices for international air travel (down 6.6 percent). The fall in international air travel prices reflects normal patterns at this time of year.

On an annual basis, the CPI is 2.5 percent higher than a year earlier.

Brian Pink

Government Statistician

© Scoop Media

Business Headlines | Sci-Tech Headlines


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>



Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news