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

 


Decision made on CPI recommendations

Decision made on CPI recommendations


25 August 2014


Two new initiatives for the consumers price index (CPI) will occur as part of decisions published by Statistics New Zealand. These initiatives will help to ensure we continue to meet customer needs.

Decision on 2013 CPI Advisory Committee recommendations provides details.

We will produce a suite of eight household living-costs price indexes (HLPIs) for four household groups by early 2016:
• beneficiaries
• income groups (quintiles)
• Māori
• superannuitants.

The HLPIs will provide greater insight into the inflation these groups of households experience.

We will also produce seasonally adjusted analytical CPI series by the June 2015 quarter, to give better understanding of underlying inflation trends without the influence of seasonal price change.

The decisions are in response to recommendations made by an independent CPI Advisory Committee, chaired by Diana Crossan.

As recommended by the committee, these initiatives will be funded by reducing the number of regional centres that CPI prices are collected from – down from 15 to 12. We stopped collecting prices in Rotorua, Wanganui, and Timaru, on 1 July 2014. Price change for these regions will be directly represented by Tauranga, Palmerston North, and Christchurch, respectively.

“The CPI Advisory Committee recognised that a trade-off could be made that would allow these CPI-related initiatives, without compromising the quality of the national CPI or the range of regional CPIs,” Government Statistician Liz MacPherson said.
Some of the cost savings will also go towards making greater use of ‘big data’ (eg retail transaction or ‘scanner’ data) to measure price change in the CPI.

“We talked to our customers about the committee’s recommendations and formed a set of initiatives that best meet our customers’ needs. These new analytical series will allow our customers to obtain more value from information we largely already collect,” Ms MacPherson said.

The 2013 CPI Advisory Committee was an independent committee that met in May 2013. It made 16 recommendations that endorse the methods and practices used to compile the CPI and recommended ways the CPI can be further enhanced.

“The committee played an important role in shaping the future direction of the CPI,” Ms MacPherson said. “It is essential that Statistics NZ engages with customers and stakeholders to ensure the statistics we produce continue to meet their needs. I would like to thank the committee members for their recommendations, and the expertise and different perspectives they brought to the process.”

Of the committee’s 16 recommendations, nine confirm current practice and we are implementing a further five.


For more information about these statistics:

• Visit Decision on 2013 CPI Advisory Committee recommendations
ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news