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

 

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

March 2017: Commerce Commission Delays Decision On Fairfax-NZME

The Commerce Commission has delayed its decision on the proposed merger between NZME and Fairfax Media's New Zealand assets, saying the deal is complex and it needs more time to assess the impact on both news content and the advertising market. More>>

ALSO:

Plan Plan: Permanent Independent Hearings Panel Proposed For Planning

The Productivity Commission recommends creating a permanent independent hearings panel like the one that cut through local politics to settle Auckland’s Unitary Plan, for the whole country. More>>

ALSO:

Statistics: NZ Jobless Rate Falls To 5.1% Under New Methodology

New Zealand's unemployment rate fell more than expected in the second quarter as Statistics New Zealand adopted a new way of measuring the labour market to bring the country in line with international practices, and while a growing economy continued to support jobs growth. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news