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

 

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Oil: 2017 Block Offer Petroleum Tender Launched

New Zealand is well-placed to take advantage of the economic benefits of oil and gas exploration, Energy and Resources Minister Judith Collins announced today at the launch of the 2017 Block Offer petroleum tender. More>>

ALSO:

OECD And Zero Carbon Reports: Environmental Pressures Rising In New Zealand

New Zealanders enjoy a high environmental quality of life and access to pristine wilderness. However, New Zealand’s growth model, based largely on exploiting natural resources, is starting to show its environmental limits with increasing greenhouse gas emissions and water pollution ... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news