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The times are changing and so is what we’re buying
The times are changing and so is what we’re buying: Statistics NZ CPI Review
9 October
2014
Changing times mean 15 new items are being added
to the consumers price index, while 12 have been removed in
the latest review of the CPI basket, Statistics New Zealand
said today.
Prices Manager Chris Pike says as well as reviewing the basket items, their relative importance in household spending was also reviewed.
“Most of the items we’ve removed from the basket are because of declining expenditure. These are things like burglar and car alarms, video cameras and car stereos, and even e-book readers. We think this is because more people are using their mobile phones and tablets for reading.”
Items added to the basket include cider, property valuation services, packaged leaf salad, frozen prawns, plywood, spades, and pets.
Men’s tracksuit bottoms, particle board, tennis racquets, squash club membership, and video game hire have all gone, along with video cameras.
“This is likely to be because mobile phones and digital ‘still’ cameras are both doing a better job at shooting video,” said Mr Pike.
Since the 2011 review, the relative importance of housing and household utilities has increased, reflecting increased spending on housing rentals, property rates and related services, and household energy.
“The share of household spending going on housing and household utilities has traditionally been the biggest area of spending, and since 2011, this share has continued to increase. Households now spend on average $24 out of every $100 on this.”
The CPI is reviewed every three years. “It’s important that we continue to update the CPI basket of goods and services so that it accurately reflects what people are spending their money on.”
The changes will be implemented in Consumers Price Index: September 2014 quarter, which will be released on 23 October.
View Consumers price index review: 2014
For more information about these statistics:
• Visit Consumers Price Index review:
2014
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•
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