Prices Of NZ produced goods and services up 1.4 percent
Prices of New Zealand produced goods and services up 1.4 percent
In the June 2011 quarter prices for goods and services produced in New Zealand (referred to as outputs), as measured by the producers price index (PPI), rose 1.4 percent on a quarterly basis, Statistics New Zealand said today.
The following manufacturing industries made the largest contribution to the rise in output prices:
prices were up 10.5 percent for goods produced by the petroleum and coal product manufacturing industry, reflecting higher prices for refined petroleum products, such as petrol and diesel
the price index for manufactured dairy products rose 5.1 percent.
The largest offsetting influence came from a significant drop in prices of telecommunication and internet services in the June 2011 quarter. The outputs price index for telecommunications, internet, and library services dropped 6.1 percent, when compared with the March 2011 quarter.
The annual change in the overall PPI for outputs, comparing the June 2011 quarter with the June 2010 quarter, was a 4.5 percent increase.
Prices for goods and services used by New Zealand producers (referred to as inputs) rose by 0.9 percent on a quarterly basis. Nearly two-thirds of the quarterly increase in the inputs price index in the June 2011 quarter came from price increases faced by the following industries:
5.5 percent rise in meat and meat product manufacturing, reflecting higher livestock prices
3.4 percent rise for petroleum and coal product manufacturing, reflecting higher prices for imported crude oil
2.3 percent rise in prices faced by agriculture, forestry and fishing, reflecting higher fuel prices
2.5 percent rise for transport, postal services, and warehousing, reflecting higher aviation fuel and diesel prices.
The annual change in the overall PPI for inputs was 4.8 percent higher when comparing the June 2011 quarter with the June 2010 quarter.