Petrol and Construction Prices Drive CPI Up 0.8 %
Petrol and Construction Prices Drive CPI Up 0.8 Percent
The Consumers Price Index (CPI) increased by 0.8 percent in the June 2004 quarter, according to Statistics New Zealand. The housing group made the most significant upward contribution to the CPI, with prices rising 1.4 percent. The increase in the June 2004 quarter also reflects higher prices for petrol and electricity.
The rise in the housing group in the June 2004 quarter was mainly due to higher prices for the purchase and construction of new dwellings, which increased by 1.9 percent and are now 8.8 percent higher than a year ago.
Transportation prices rose 1.4 percent in the June 2004 quarter, mainly driven by a 7.8 percent increase in petrol prices.
Household operation prices rose by 0.6 percent in the June 2004 quarter, mainly due to higher electricity prices, which increased by 2.8 percent. Prices for electricity are now 10.4 percent higher than a year ago.
From the June 2003 quarter to the June 2004 quarter, the CPI increased by 2.4 percent. Significant upward contributions to the annual change came from construction prices (up 8.8 percent) and petrol (up 19.1 percent). These increases were partly offset by lower prices for international air travel (down 21.2 percent).