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PPI Rises for Four Consecutive Quarters

March 2005 quarter — 23 May 2005

PPI Rises for Four Consecutive Quarters

In the March 2005 quarter, output prices in the Producers Price Index (PPI) rose 0.5 percent and input prices rose 0.3 percent, recording the fourth consecutive quarterly rise for both indexes, Statistics New Zealand said today.

The most significant upward contribution to the PPI outputs index came from a 13.7 percent rise in the basic metal manufacturing index, which is the largest increase recorded in this index since the series began in 1994. The main driver behind the rise in the basic metal manufacturing index was rising international steel prices.

The most significant downward contribution to the PPI outputs index was recorded in the livestock and cropping farming index (down 5.6 percent), driven by lower domestic auction prices for lamb.

The major contributor to the overall increase in the PPI inputs index was the wholesale trade index which rose 0.9 percent. Input price rises in the mineral, metal and chemical wholesaling sector were cited by respondents as the main drivers behind the rise in the wholesale trade index. The most significant downward contribution to the PPI inputs index was recorded in the meat and meat product manufacturing index (down 5.9 percent), driven by lower domestic auction prices for lamb.

ENDS

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