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

 


CPI increases 0.3 percent in March quarter

CPI increases 0.3 percent in March quarter


Wednesday 16 April


The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays.

Cigarette and tobacco prices rose 10.2 percent, following an 11.3 percent rise in excise duty in January. “The CPI without cigarettes and tobacco showed no change in the March quarter,” prices manager Chris Pike said.

Prices for housing and household utilities rose 0.7 percent, reflecting higher prices for buying newly built houses (up 1.2 percent), rentals for housing (up 0.6 percent), and property maintenance (up 1.2 percent).

International air fares fell 10 percent this quarter, following a 12 percent seasonal rise in the December 2013 quarter. This reflects seasonally lower air fares to all destinations. Vegetables (down 5.8 percent) and package holidays (down 5.9 percent) also showed seasonal price falls.

Annual change in prices

The CPI increased 1.5 percent in the year to the March 2014 quarter, following a 1.6 percent increase in the year to the December 2013 quarter.

About half of the latest annual increase came from housing and household utility prices, which increased 3.3 percent.

"The price of buying a newly built house without land increased 5.1 percent for the year. In Auckland the increase was 5.9 percent and in Canterbury it was 7.6 percent," Mr Pike said.

There were also increases for housing rentals (up 2.0 percent), property maintenance (up 4.5 percent), property rates and related services (up 4.2 percent), and household energy (up 2.7 percent).

Cigarette and tobacco prices increased 10.2 percent and insurance prices increased 5.9 percent for the year.

The main downward contribution for the year came from cheaper audio-visual and computing equipment (down 10 percent). There were also lower prices for vehicles (down 3.1 percent). The strong New Zealand dollar has had a downward influence on the retail prices of internationally traded goods, including cars and appliances.

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 Consumer Price Index: March 2014 quarter
Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news