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

 


Consumer Prices Rise in September Quarter

The Consumers Price Index rose by 0.6 per cent for the September 1999 quarter. An increase of 8.1 per cent in petrol prices and an increase of 25.4 per cent in motor vehicle re-licensing, registration and warrant of fitness charges were mainly responsible for pushing up the index this quarter, said Government Statistician Len Cook. Overall transport prices rose by 2.5 per cent this quarter.

Prior to this increase in consumer transport prices, a large rise in crude oil prices drove up the imports price index for intermediate goods from the March 1999 quarter to the June 1999 quarter.

Housing was the second largest contributor to the CPI's upward movement. The housing index rose by 1.0 per cent from the June 1999 quarter to the September 1999 quarter, driven up by a local authority rates increase of 4.5 per cent and an increase in rents of 1.0 per cent.

Other main contributors to the increase in prices this quarter were alcoholic drinks and electricity. The largest price falls for the September 1999 quarter came from telephone charges and used cars.

Food and household operation costs were responsible for holding the index down this quarter. A fall in fruit and vegetable prices of 6.8 per cent and the drop in telephone charges of 14.8 per cent were the main contributors to the downward movement for the food and household operation groups.

Excise tax was the main factor driving up the prices of alcoholic drinks, which rose by 1.0 per cent from the June to the September 1999 quarter. Prescription medicines and general practitioners' services, over the same period, pushed up the overall price level for the personal and health care index, which rose by 0.9 per cent.

Compared with a year earlier, the Consumers Price Index was 0.3 per cent lower. While the index recorded a rise overall of 0.2 per cent for the June 1999 quarter, falls were recorded for both the March 1999 and the December 1998 quarters.

A similar pattern was shown by other price measures such as the import price index for consumption goods which rose by 0.3 per cent in the June 1999 quarter. Also, the previously falling levels of output costs inflation as measured by the Producers Price Index, were followed by an increase of 0.4 per cent for the June 1999 quarter. This increase, in turn, reflected the higher prices businesses were charged for their inputs, which rose by 0.6 per cent over the same period.

The September 1999 quarter is the first quarter to be published on the new base period of the June 1999 quarter. As part of the review of the index the base weights were updated to reflect the changing spending patterns of consumers.

These weights indicate the relative importance of items purchased by households. To maintain continuity, the CPI index has been linked to the previously published series. This enables longer term comparisons to be made and meets the commitment not to revise published CPI movements.

A number of new analytical series have also been created to address particular areas of user interest.

The CPI plus interest rose by 0.4 per cent from the June 1999 quarter to the September 1999 quarter and was 0.5 per cent lower when compared with the September 1998 quarter.

The CPI less credit services rose by 0.6 per cent in the September 1999 quarter and is 1.1 per cent higher than a year earlier.

The measure recently announced as the price stability target in the Reserve Bank's Policy Target Agreement is 1.3 per cent higher than a year earlier.


Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news