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

 


CPI up 0.7 percent for the year - Statistics NZ

CPI up 0.7 percent for the year – Media release

16 July 2013

The consumers price index (CPI) increased 0.7 percent from the June 2012 quarter to the June 2013 quarter, Statistics NZ said today.

"This annual increase is the lowest since 1999, and the fourth annual increase in a row below 1 percent," prices manager Chris Pike said.

The annual CPI increase included a rise of 0.2 percent for the June 2013 quarter. "There were increases in electricity and housing-related prices, countered by lower petrol and motor car prices," Mr Pike said.

In the June 2013 quarter, electricity prices rose 2.6 percent. Vegetable prices (up 7.0 percent) were influenced by seasonal price rises for tomatoes and lettuce. The purchase of newly built houses (up 1.7 percent) and housing rentals (up 0.4 percent) were influenced by rises in both the North and South islands. The strongest of these housing-related price rises were in Canterbury, with purchase of newly built houses up 2.9 percent and housing rentals up 1.1 percent. Dwelling insurance (up 9.9 percent) also rose.

Countering these rises, petrol prices fell 2.5 percent in the June 2013 quarter, and were at their lowest level since the September 2011 quarter. Fruit prices fell 4.5 percent, influenced by seasonally lower prices for apples and kiwifruit. Both second-hand car prices (down 1.9 percent) and new car prices (down 1.0 percent) also fell.

The key contributor to the annual increase of 0.7 percent was higher cigarette and tobacco prices (up 12 percent), reflecting a rise in excise duty on 1 January 2013. Housing rentals (up 2.1 percent) and purchase of newly built houses (up 4.1 percent) were influenced by price rises in the South Island, particularly Canterbury. Electricity (up 3.4 percent) and local authority rates (4.3 percent) also increased in the year to the June 2013 quarter. These increases were partly offset by decreases for petrol (down 2.8 percent), telecommunication services (down 4.9 percent), domestic air fares (down 12 percent), and audio-visual equipment (down 14 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.

For more information about these statistics:
-Visit Consumers Price Index: June 2013 quarter

-http://img.scoop.co.nz/media/pdfs/1307/ConsumersPriceIndexJun13qtr.pdf

-http://img.scoop.co.nz/media/pdfs/1307/cpijun13alltables.xls

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

NASA, NOAA: Find 2014 Warmest Year In Modern Record

Since 1880, Earth’s average surface temperature has warmed by about 1.4 degrees Fahrenheit (0.8 degrees Celsius), a trend that is largely driven by the increase in carbon dioxide and other human emissions into the planet’s atmosphere. The majority of that warming has occurred in the past three decades. More>>

ALSO:

Scoop Business: New Zealand’s Reserve Bank Named Central Bank Of The Year

The Reserve Bank of New Zealand’s efforts to stifle house price inflation by using new policy tools has seen the institution named Central Bank of the year by Central Banking Publications, a publisher specialising in global central banking practice. More>>

ALSO:

Science Media Centre: Viral Science And Another 'Big Dry'?

"Potentially, if there is no significant rainfall for the next month or so, we could be heading into one of the worst nation-wide droughts we’ve seen for some time," warns NIWA principal climate scientist Dr Andrew Tait. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news