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


© Scoop Media

Business Headlines | Sci-Tech Headlines


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Scouring: Cavalier Merger Would Extract 'Monopoly Rents' - Godfrey Hirst

A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly, says carpet maker Godfrey Hirst. The Commerce Commission on Friday released its second draft determination on the merger, maintaining its view that the public benefits would outweigh the loss of competition. More>>


Scoop Review Of Books: She Means Business

As Foreman says in her conclusion, this is a business book. It opens with a brief biographical section followed by a collection of interesting tips for entrepreneurs... More>>


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news