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

 


FIRST Union: Do Shareholders Realise Marsden Point Conversion Could Cost More Than Half A Billion Dollars?

FIRST Union, the union representing workers at Refining NZ, are querying whether shareholders voting on Friday on whether to convert the Marsden Point refinery to an import-only terminal realise the conversion could cost $650-700 million dollars... More>>



Civil Contractors: Massive Rebound In Civil Construction Business Confidence

New Zealand’s civil construction industry is riding a massive rebound in post-pandemic business confidence – but this may be undermined by skills shortages, which continue to be the industry’s number one challenge... More>>



Energy: Feeling Our Way Towards Hydrogen - Tina Schirr

Right now hydrogen is getting a lot of attention. Many countries are focusing on producing hydrogen for fuel, or procuring it, or planning for its future use... More>>





ASB: New Support Finder Tool Helps Connect Customers With Thousands In Government Support

ASB research alongside benefit numbers from the Ministry of Social Development shows an increased number of Kiwis are struggling financially, and many may not be aware they’re eligible for government support... More>>


Housing: New Home Consents Continue To Break Records

A record 44,299 new homes were consented in the year ended June 2021, Stats NZ said today. “The annual number of new homes consented rose again in the June 2021 year, the fourth consecutive month of rises,” construction statistics manager Michael Heslop said... More>>


Real Estate: June Home Transfers Remain High
There were 44,517 home transfers in the June 2021 quarter, the highest June quarter figure since 2016, Stats NZ said today. The number of home transfers was very similar to the March 2021 quarter and was up 18,252 from the June 2020 quarter... More>>