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Fuel Prices Drive PPI Inputs and Outputs

15 August 2006

Fuel Prices Drive PPI Inputs and Outputs

Both output and input prices in the Producers Price Index (PPI) rose 2.7 percent during the June 2006 quarter, Statistics New Zealand said today. The main driver for the increase in both the input and the output indexes was the wholesale trade index, due to increased fuel and energy prices.

In the PPI outputs index the wholesale trade index increased 5.6 percent, mainly driven by higher prices for petrol and diesel. In the PPI inputs index it rose 7.5 percent, driven by higher world crude oil prices.

Other significant positive contributors to the PPI output index included the mining index (up 16.2 percent, driven by higher prices for crude oil, condensates and natural gas, and increased spot-market prices for gold) and the petroleum, coal and basic chemical manufacturing index (up 17.1 percent, due to higher crude oil prices and higher refining margins in the Asia-Pacific region).

The construction index (up 3.2 percent, reflecting higher prices for diesel and petrol, and wire and cables in the construction trade services sector) and the air transport index (up 6.3 percent, due to higher aviation fuel prices) were other significant upward contributors to the PPI input index.

The electricity generation and supply index was the only index that created significant downward impact on both the output and input indexes of the PPI in June 2006 quarter. The electricity generation and supply outputs index fell 0.9 percent (due to spot market generation prices), while the electricity generation and supply input index fell 10.5 percent (driven by lower electricity generation costs due to higher lake levels).

On an annual basis, the PPI outputs index rose 5.6 percent, the largest annual movement since a 6.1 percent rise in the year to the June 2001 quarter. The PPI inputs index rose 7.8 percent on an annual basis, the largest annual increase since an increase of 8.1 percent in the year to the June 2001 quarter.

Brian Pink

Government Statistician


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