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Tenth Consecutive Rise for CGPI

Capital Goods Price Index: September 2005 quarter

23 November 2005

Tenth Consecutive Rise for CGPI

The Capital Goods Price Index (CGPI) rose 0.6 percent in the September 2005 quarter, its tenth consecutive quarterly increase, Statistics New Zealand said today. In the year to the September 2005 quarter, the CGPI increased 3.0 percent, the same as for the year to the June 2005 quarter.

The residential buildings index, which rose 1.0 percent in the September 2005 quarter, made the most significant upward contribution to the CGPI for the sixteenth consecutive quarter. Another significant upward contribution came from the non-residential buildings index, which increased 1.2 percent. Respondents saw higher prices for construction components as the dominant driver for this quarter's price changes, for both the residential and non-residential buildings indexes.

The other construction index (which includes, for example, electrical works, and earthmoving and site work) rose 1.5 percent in the September 2005 quarter, following an increase of 1.6 percent in the June 2005 quarter. Respondents cited increased prices for raw materials as the dominant factor in the price increases.

The plant, machinery and equipment index showed no movement in the September 2005 quarter. Of the 32 asset type indexes reported within the overall plant, machinery and equipment asset group, 19 recorded increases, 10 recorded decreases, and three did not change. The transport equipment index decreased 0.2 percent in the September 2005 quarter. In 11 of the last 12 quarters, the transport equipment index has fallen, and is now 4.9 percent lower than in the September 2002 quarter.

Brian Pink

Government Statistician

ENDS

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