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

 


CPI falls 0.2 percent in December quarter

CPI falls 0.2 percent in December quarter – Media release

The consumers price index (CPI) fell 0.2 percent in the December 2012 quarter, Statistics New Zealand said today. Seasonally lower vegetable prices and more discounting for furniture were partly countered by higher housing and transport prices.

“The CPI has fallen in four of the past five December quarters – the exception being 2010, after the GST increase,” prices manager Chris Pike said.

Lower prices for food (down 1.8 percent), household contents and services (down 1.8 percent), and communication (down 2.0 percent) were the main contributors to this quarter's fall. These were partly offset by rises for housing and household utilities and for transport – both up 0.6 percent.

The fall in food prices was due to seasonally lower vegetable prices (down 16 percent). Prices for tomatoes, lettuce, and capsicums were about half what they had been in the previous quarter.

The fall for household contents and services was largely due to lower prices for furniture and furnishings (down 6.2 percent), reflecting higher levels of discounting. "One in four furniture and furnishing prices was discounted in the December quarter, compared with one in five in the September quarter," Mr Pike said.

Petrol prices (down 0.8 percent) also fell in the December 2012 quarter. They are now 1.7 percent below their June 2012 quarter peak.

Increases for housing and household utilities reflected higher prices for property maintenance services (up 2.0 percent due to seasonally lower government subsidies for insulation and heating), rentals for housing (up 0.3 percent), and purchase of newly built houses (up 0.5 percent).

Higher transport prices were influenced by a rise in international air fares (up 9.8 percent). This is the largest quarterly rise since the December 2009 quarter, when fares rose 14 percent. "International air fares usually rise in December quarters. This quarter’s rise reflects seasonally higher fares to Asia, and higher fares to Australia after a dip in the September 2012 quarter," Mr Pike said.

Annually, the CPI increased 0.9 percent in the year to the December 2012 quarter, due to increased prices for cigarettes and tobacco (up 13 percent), rentals for housing (up 2.4 percent), and electricity (up 5.2 percent). These movements were partly offset by decreases in the price of telecommunication services (down 5.7 percent), audio-visual equipment (down 17 percent), and fresh milk (down 9.5 percent).

The CPI measures the rate of price change of goods and services purchased by New Zealand households. Statistics NZ visits 3,000 shops across New Zealand to collect prices for the CPI and check product sizes and features.

ENDS

ConsumersPriceIndexDec12qtr.pdf
cpidec12alltables.xls

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

The Future: Thirty Year Infrastructure Plan Released

The Thirty Year New Zealand Infrastructure Plan 2015 sets out New Zealand’s response to the infrastructure challenges we will face over the next three decades, Finance Minister Bill English says. More>>

ALSO:

Shopping: Online GST Discussion Document

GST: Cross-border services, intangibles and goods contains proposals to require overseas suppliers to register and return GST when they sell services (including online products such as e-books, music and videos) to New Zealand consumers. It also outlines the way forward for improving the collection of GST on all goods, including low-value imported goods. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news