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Capital Goods Price Index Rises 0.5 Percent

Capital Goods Price Index Rises 0.5 Percent

Capital goods prices rose 0.5 percent in the June 2003 quarter compared with the March 2003 quarter, according to Statistics New Zealand. On an annual basis, the Capital Goods Price Index (CGPI) rose 0.7 percent from the June 2002 quarter to the June 2003 quarter. The most significant contribution to the overall increase for the June 2003 quarter came from the residential buildings index, which rose by 1.7 percent.

The main reason cited by respondents for this quarter's price increase was the rising cost of construction materials.

This is the third consecutive quarter in which the residential buildings index has been the most significant upward contributor to the CGPI. In the year to the June 2003 quarter, the residential buildings index rose by 5.4 percent. The non-residential buildings index also increased in the June 2003 quarter, with a rise of 1.8 percent. From the June 2002 quarter to the June 2003 quarter the non-residential buildings index rose by 3.7 percent.

Partially offsetting the 0.5 percent rise in the CGPI was a 0.7 percent fall in the plant, machinery and equipment index in the June 2003 quarter. Falling supplier prices and a favourable exchange rate were the most common reasons given for this quarter's decrease. The plant, machinery and equipment index has recorded quarterly falls in the last six quarters, and is now 4.1 percent lower than in the December 2001 quarter.

The transport equipment index recorded a 0.6 percent fall in the June 2003 quarter, and has fallen 1.3 percent in the year to the June 2003 quarter.

Brian Pink

Government Statistician

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