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Output Prices Rise; Input Prices Fall


Output Prices Rise; Input Prices Fall

Output prices for all industries in the Producers Price Index (PPI) rose by 0.3 percent in the June 2003 quarter, according to Statistics New Zealand. In the year to the June 2003 quarter, the PPI outputs index fell by 0.6 percent.

The most significant upward contribution to the PPI outputs index for the June 2003 quarter came from the electricity generation and supply index, which rose 9.7 percent. This follows a 12.9 percent rise in the March 2003 quarter. For the second quarter in a row, the electricity generation and supply index has been the major upward contributor to the PPI outputs index movement. The main reason for the increases in both quarters was higher prices received by electricity generators for bulk electricity sales.

Further upward contributions to the PPI outputs index for the June 2003 quarter came from the dairy product manufacturing index (up 7.0 percent) and the construction index (up 1.1 percent).

Offsetting the overall increase in the PPI outputs index were falls in the wholesale trade index (down 1.6 percent) and the mining index (down 7.9 percent). Respondents cited lower world oil prices as the main reason for both of these movements.

Input prices for all industries in the PPI fell by 0.6 percent in the June 2003 quarter, following no change in the March 2003 quarter. On an annual basis, the PPI inputs index fell 2.0 percent from the June 2002 quarter to the June 2003 quarter.

The most significant downward contribution to the fall in the PPI inputs index in the June 2003 quarter came from the wholesale trade index, which fell 4.5 percent, as a result of lower crude oil prices. The air transportation index, which fell 4.7 percent in the June 2003 quarter, was another major factor. Partially offsetting the fall in the PPI inputs index was an 11.3 percent rise in the electricity generation and supply index for the June 2003 quarter, mainly due to higher electricity prices paid by retailers to generators. Other offsetting contributions came from the paper and paper product manufacturing index (up 1.9 percent) and the retail trade index (up 0.5 percent).

Ian Ewing

Acting Government Statistician


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