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Electricity generation drives up producers' prices

Embargoed until 10:45am – 19 August 2008

Electricity generation drives up producers' prices

Producers’ prices rose in the June 2008 quarter, with output prices up 3.5 percent and input prices up 5.6 percent, Statistics New Zealand said today. The rise in the outputs index is the largest quarterly rise since the June 1985 quarter, while the rise in the inputs index is the largest since the March 1980 quarter. Both indexes were mainly driven by higher prices for electricity generation and supply.

The electricity generation and supply outputs index rose 30.9 percent in the latest quarter, the largest rise since the series began. Higher output prices for electricity generation were recorded, with lower lake levels pushing up spot prices. In the year to the June 2008 quarter, the electricity generation and supply index rose 41.7 percent, which is also the largest annual rise since the series began.

Within the inputs index, electricity generation and supply rose 50.8 percent in the latest quarter and 85.4 percent in the year to the June 2008 quarter. Both movements are the largest since the series began in the June 1994 quarter. Lower lake levels were the cause of higher costs for electricity generation this quarter.

Wholesale trade also made a contribution to both the PPI output and input indexes. The wholesale trade outputs index rose 6.0 percent in the June 2008 quarter, while the inputs index rose 6.4 percent. In both cases the increase was driven by higher prices in the mineral, metal and chemical wholesaling sector.

In the year to the June 2008 quarter, the PPI outputs index rose 8.5 percent and the inputs index rose 11.8 percent.

Statistics NZ advises that revisions have been made to historical PPI data. See the related Hot Off the Press for more information.

Geoff Bascand
Government Statistician
19 August 2008

ENDS

producerspriceindexjun08qtrhotp.pdf
ppijun08qtralltables.xls

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