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

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

ALSO:

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news