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

 

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

NASA, NOAA: Find 2014 Warmest Year In Modern Record

Since 1880, Earth’s average surface temperature has warmed by about 1.4 degrees Fahrenheit (0.8 degrees Celsius), a trend that is largely driven by the increase in carbon dioxide and other human emissions into the planet’s atmosphere. The majority of that warming has occurred in the past three decades. More>>

ALSO:

Scoop Business: New Zealand’s Reserve Bank Named Central Bank Of The Year

The Reserve Bank of New Zealand’s efforts to stifle house price inflation by using new policy tools has seen the institution named Central Bank of the year by Central Banking Publications, a publisher specialising in global central banking practice. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news