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Construction and Machinery Push Up CGPI

15 August 2006

Construction and Machinery Push Up CGPI

The Capital Goods Price Index (CGPI) rose 1.3 percent in the June 2006 quarter, Statistics New Zealand said today. This is the largest rise since an increase of 1.5 percent in the June 2004 quarter. Five of the six asset groups in the CGPI rose this quarter, while the transport equipment index recorded no change.

The residential buildings index, the most significant upward contributor to the CGPI for the nineteenth consecutive quarter, rose 1.3 percent in the June 2006 quarter. The high cost of construction components, increased prices for fittings, and higher subcontractors’ charges were the main drivers behind the rise. In the year to the June 2006 quarter, the residential buildings index rose 4.9 percent.

Another significant contribution to the CGPI was the plant, machinery and equipment index, which rose 1.4 percent in the June 2006 quarter, the largest rise since a 4.1 percent increase in the December 2000 quarter. Respondents commonly cited the exchange rate as the reason for the latest increase.

The plant, machinery and equipment index rose 1.6 percent in the year to the June 2006 quarter, the largest annual increase since a 3.6 percent increase in the year to the September 2001 quarter. Annually, in the year to the June 2006 quarter, the CGPI rose 3.4 percent. This follows rises of 3.0 and 3.6 percent in the years to the June 2005, and June 2004 quarters, respectively.

Brian Pink

Government Statistician


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