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Fuel Sustains PPI Increases

Producers Price Index: September 2005 quarter

Fuel Sustains PPI Increases

Output prices in the Producers Price Index (PPI) rose 1.8 percent and input prices rose 2.9 percent in the September 2005 quarter, the sixth consecutive quarterly increase for both indexes, Statistics New Zealand said today. The wholesale trade index was the most significant positive contributor to both indexes, reflecting higher prices for crude oil and resulting in the largest quarterly increase for both inputs and outputs since the December 2000 quarter.

In the year to the September 2005 quarter, the PPI outputs index rose 4.1 percent and the PPI inputs index rose 6.1 percent. These are the highest annual increases for both indexes since the year to the September 2001 quarter, when the outputs index rose 4.8 percent and the inputs index rose 6.2 percent.

The wholesale trade index made the most significant upward contribution to the outputs index for the second quarter in a row, up 2.9 percent in the September 2005 quarter and 1.8 percent in the June 2005 quarter. In both quarters, price increases in the wholesale trade index were driven by price increases in the mineral, metal and chemical sector and reflected higher fuel prices.

The most significant upward contributions to the PPI inputs index for the September 2005 quarter were in the wholesale trade index, the electricity generation and supply index, and the meat and meat product manufacturing index. The wholesale trade index recorded a rise of 8.8 percent, driven mainly by the higher cost of crude oil. Higher wholesale prices for electricity were the main driver of the 14.0 percent rise in the electricity generation and supply index. Higher wholesale prices for bulls and steers drove the 7.6 percent rise in the meat and meat product manufacturing index.

Brian Pink Government Statistician

ENDS

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