Prices - M1

Released
15 June 2017 03:00 p.m.
Next release
18 July 2017 03:00 p.m.
Source
Statistics New Zealand, Reserve Bank of New Zealand
Periodicity
Quarterly
Consumers price index (CPI) Factor model Sectoral factor model Tradable inflation Non-tradable inflation
Date (Index) (q/q%) (y/y%) (y/y%) (y/y%) (Index) (y/y%) (Index) (y/y%)
Previous years:
Mar 2015 1195 -0.2 0.3 1.0 1.2 1056 -2.4 1316 2.4
Mar 2016 1200 0.2 0.4 1.1 1.5 1043 -1.2 1337 1.6
Quarterly:
Jun 2016 1205 0.4 0.4 1.1 1.5 1049 -1.5 1341 1.8
Sep 2016 1209 0.3 0.4 1.2 1.5 1049 -2.1 1348 2.4
Dec 2016 1214 0.4 1.3 1.5 1.5 1052 -0.1 1356 2.4
Mar 2017 1226 1.0 2.2 1.8 1.5 1060 1.6 1370 2.5

The Data: Coverage, Periodicity, and Timeliness

Coverage characteristics

A price index measures the change in price of a fixed basket of goods and services between two time periods. This change in prices over time is often called inflation.

The price indexes published are the:

  • Consumers Price Index (CPI)
  • Producers Price Index (PPI)
  • House Price Index (HPI)
  • Gross Domestic Product (GDP) deflator.

Periodicity

Quarterly

Timeliness

The CPI is published 12 working days after the end of the reference quarter.

The PPI is published approximately seven weeks after the end of the reference quarter.

The HPI is published around four months after the end of the reference quarter.

GDP is published around three months after the end of the reference quarter.

Access by the public

Statistics release calendar

The Statistics Release Calendar is updated monthly and provides releases dates up to six-months ahead.

Integrity

Dissemination of terms and conditions under which official statistics are produced, including confidentiality of individual responses

The data has been reproduced with the permission of Statistics New Zealand and PropertyIQ.

Provision of information about revisions and advance notice of major changes in methodology

Revisions are generally published when a table is next due to be updated and released. New or revised data is in bold font.

Quality

Dissemination of documentation on methodology and sources used in preparing statistics

Data is sourced from Statistics New Zealand and PropertyIQ.

The factor model and sectoral factor model are produced by the Reserve Bank of New Zealand.

Inflation

Consumers price index (CPI)

The CPI measures the changing price of a fixed basket of goods and services purchased by New Zealand households.

There are about 690 goods and services included in the basket. They are classified into 11 groups:

  • food
  • alcoholic beverages and tobacco
  • clothing and footwear
  • housing and household utilities
  • household contents and services
  • health
  • transport
  • communication
  • recreation and culture
  • education
  • miscellaneous goods and services.

The CPI has an index reference period of the June 2006 quarter (=1000).

Tradable inflation

Tradable inflation covers goods and services that are imported or in competition with foreign goods, either in domestic or foreign markets.

Movements demonstrate how international price movements and exchange rates are affecting consumer prices.

Non-tradable inflation

Non-tradable inflation covers goods and services that do not face foreign competition e.g. government charges. It shows how domestic demand and supply conditions are affecting consumer prices.

Analytical inflation measures

Trimmed mean

The trimmed mean inflation excludes the influence of the largest price increases and decreases in the CPI. This is done at the item level of about 700 goods and services in the CPI basket (e.g. 91 octane petrol or strawberries).

The level of trim presented is 10 percent.

Weighted median

The weighted median inflation is the 50th percentile (by weight) of the distribution of price changes, when the price changes are ranked from highest to lowest.

Factor model

The factor model is created by the Reserve Bank. It is a dynamic factor model that estimates the common component of inflation from all the CPI classes for which data is available. Ninety-six of the 105 classes currently in the CPI are included. The data excludes GST.

For more technical information see Giannone, D and T Matheson (2006) "A New Core Inflation Measure for New Zealand", Reserve Bank of New Zealand Discussion Paper 2006/10.

Sectoral factor model

The sectoral factor model is created by the Reserve Bank. It estimates the common component of inflation in the CPI basket, the tradable basket, and the non-tradable basket, based upon separate factors for the tradable and non-tradable sectors. The data excludes GST.

For more technical information see Kirker, M (2010) "What drives core inflation? A dynamic factor model analysis of tradable and non-tradable prices", Reserve Bank of New Zealand Discussion paper 2010/13 and Price, G (2013) "Some revisions to the sectoral factor model of core inflation", Reserve Bank of New Zealand Analytical Note 2013/06.

Other price indexes

GDP deflator

The GDP deflator is an implicit price deflator (IPD) calculated by dividing real expenditure GDP by nominal expenditure GDP. It provides a broad measure of price change for total economic activity in New Zealand.

House price index (HPI)

The HPI measures the movement in house prices for local council areas throughout New Zealand, providing an indicator of capital growth and how prices are trending in an area.

Producers price index (PPI)

The inputs index measures the change in costs of production (excluding labour).

The outputs index measures the change in prices received by producers.

The PPI has an index reference period of the December 2010 quarter (=1000).

Symbols and conventions

0 Value rounded to zero
- Zero or not applicable
.. Not available
bold Revised/new
italics Provisional

General notes

  • Individual figures may not sum to the totals due to rounding
  • Percentage changes are calculated on unrounded numbers
  • You are free to copy, distribute and adapt these statistics subject to the conditions listed on our copyright page.