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

 


CPI increases 0.3 percent in June quarter

CPI increases 0.3 percent in June quarter

16 July 2014

The consumers price index (CPI) rose 0.3 percent in the June 2014 quarter, Statistics New Zealand said today. This follows rises of 0.3 percent the March quarter and 0.1 percent in the December 2013 quarter.

“Higher housing-related prices and vegetable prices were partly countered by cheaper package holidays, cars, and fruit,” prices manager Chris Pike said.

Prices for housing and household utilities rose 1.2 percent reflecting higher prices for electricity (up 4.2 percent), rentals for housing (up 0.6 percent), and buying newly built houses excluding land (up 1.2 percent).

Food prices rose 0.9 percent, influenced by higher prices for fruit and vegetables (up 4.9 percent). Seasonally higher prices for vegetables (up 13 percent) were partly offset by seasonally lower prices for fruit (down 4.9 percent).

Prices for recreation and culture (down 1.1 percent) made the most significant downward contribution. Package holiday prices were down 6.5 percent and there were seasonally lower prices for accommodation services (down 4.5 percent).

Vehicle prices (down 1.2 percent) also fell, influenced by a 1.5 percent fall in second-hand car prices.

Annual change in prices

The CPI increased 1.6 percent in the year to the June 2014 quarter, following increases of 1.5 percent and 1.6 percent in the years to the March 2014 and December 2013 quarters, respectively.

"The price of buying a newly built house without land increased 4.6 percent for the year. In Auckland the increase was 5.5 percent and in Canterbury it was 6.4 percent," Mr Pike said.

Half of the latest annual increase came from housing and household utility prices, which increased 3.4 percent. In addition to newly built houses, housing rentals (up 2.2 percent), electricity (up 4.5 percent), property maintenance (up 3.4 percent), and local authority rates (up 4.1 percent) also went up.

Cigarette and tobacco prices increased 10.2 percent, reflecting an increase in excise duty in January. Petrol prices increased 2.8 percent for the year.

The main downward contribution for the year came from cheaper audio-visual and computing equipment (down 9.8 percent). Vehicle prices (down 2.9 percent) also decreased, reflecting lower prices for both new and second-hand cars. 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. The CPI time series started in the June 1914 quarter and, with today's release, is now 100 years long.

For more information about these statistics:
• Visit Consumers Price Index: June 2014 quarter

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news