Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Higher food prices push up CPI


Embargoed until 10:45am – 15 April 2008

Higher food prices push up CPI

The Consumers Price Index (CPI) increased 0.7 percent in the March 2008 quarter, Statistics New Zealand said today. Food prices made the most significant upward contribution to the CPI this quarter.

Food prices increased 1.8 percent in the March 2008 quarter, with the main contribution coming from increases in grocery food prices (up 3.6 percent). Within the grocery food subgroup the most significant contributions came from cheese, bread, and butter.

Prices for the housing and household utilities group were up 1.0 percent in the March 2008 quarter, mainly due to price increases for actual rentals for housing (up 1.2 percent), purchase of new housing (up 0.9 percent) and electricity (up 0.8 percent).

The transport group recorded an overall increase of 0.8 percent. The increase in the transport group was mainly due to price increases for petrol (up 4.0 percent), which was mostly offset by lower prices for international air transport (down 8.6 percent).

The recreation and culture group made a downward contribution to the CPI. Recreation and culture prices recorded an overall decrease of 1.2 percent, with the main contribution coming from lower prices for audio visual and computing equipment (down 3.6 percent) and overseas package holidays (down 5.7 percent).

For the year to the March 2008 quarter, the CPI increased 3.4 percent, following a rise of 3.2 percent for the year to the December 2007 quarter. Higher prices for petrol (up 20.5 percent) made the most significant individual contribution to the increase in the CPI. If petrol prices had remained constant from the March 2007 quarter, the CPI would have risen 2.5 percent for the year to the March 2008 quarter.

Geoff Bascand
Government Statistician
15 April 2008

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>

ALSO:

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO:

Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>

ALSO: