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

 

NZ producer input, output prices rise in 1Q - dairy/fuel up

NZ producer input, output prices rise in 1Q as fuel, dairy prices lift

By Rebecca Howard

May 17 (BusinessDesk) - New Zealand producer input and output prices rose in the first quarter, lifted by increasing fuel and dairy prices.

Prices paid by producers - input prices - rose 0.6 percent in the March quarter, Statistics New Zealand said. Producer output prices - or the prices producers get for their goods and services - rose 0.2 percent in the same period.

In the March 2018 quarter, output prices for dairy cattle farmers rose 2.3 percent, while the output prices for dairy product manufacturing fell 7 percent. Input prices for dairy product manufacturing rose 1.7 percent, mainly influenced by a rise in the farm-gate milk price.

“An increase in the forecast farm-gate milk price from $6.40 to $6.55 pushed up prices received by dairy cattle farmers,” Stats NZ business prices manager Geoffrey Wong said. “At the same time, dairy product manufacturers received less as whole milk powder and butter prices fell.”

Meanwhile, rising fuel costs affected both petroleum and coal product manufacturers and farmers as higher crude oil prices lift costs for many industries. Input prices for petroleum and coal product manufacturers rose 7.2 percent due to higher crude oil prices. Output prices these manufacturers received rose 4.3 percent, reflecting higher diesel, petrol, and other non-crude petroleum oil prices.

Within other sectors, input costs for construction rose 0.8 percent in the March quarter and 3.5 percent on the year, while quarterly output prices gained 0.6 percent and were 3.6 percent higher than a year earlier.

On the year, producer output prices were up 3.5 percent while producer input prices lifted 4.2 percent.

(BusinessDesk)


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

You'd Hope: Employers Told To Pay Minimum Wage

Advertisers offering jobs to backpackers are being told they must pay the minimum wage or risk prosecution. Last week, RNZ revealed a job website - Backpackerboard - was advertising roles below the $16.50 per hour minimum wage. More>>

ALSO:

Still Gaining: More Migrants Head Back Overseas

Annual net migration is down 4,800 from a high point a year ago, largely because more non-New Zealand citizens are leaving the country, Stats NZ said today. More>>

Christchurch: Red Zone Used To Boost Endangered Bee Population

“May 20 has been declared World Bee Day by the United Nations, and I am pleased to announce today that we have been able to use the red zone to protect and grow our native bee stocks,” says Minister Megan Woods. More>>

Trips, Support, Conferences For Agents: Insurers Spend $34 Million On Soft Commissions

“We are concerned that insurers are designing and offering incentives that potentially set advisers up to fail in complying with their obligations.” More>>

ALSO:

Privacy Commissioner: Facial Recognition Tech Not Reliable

The Privacy Commissioner says businesses should take great care when using facial recognition technology because there is a high risk of misidentification. More>>

Compliance Costs: Cheesemakers "Have A Reason To Smile"

Delighted to be a guest at The Great Eketahuna Cheese Festival today, Mr O’Connor launched the Food Safety Template for Cheesemakers – a tool to help cheesemakers producing cheese for New Zealand and Australia to meet food safety requirements. More>>