2018.08.1619:48:00UTC+00New Zealand Q2 Producer Price Outputs Rise 0.9% On Quarter

Producer price outputs in New Zealand climbed 0.9 percent on quarter in the second quarter of 2018, Statistics New Zealand said on Friday.

That follows the 0.2 percent increase in the three months prior.

Producer prices inputs advanced1.0 percent on quarter, accelerating from 0.6 percent in the previous three months.

On a yearly basis, producer price outputs jumped 3.1 percent and inputs climbed 3.7 percent.

PPI outputs were up mainly due to higher prices for whole milk powder and fuel. PPI inputs were up mainly due to higher prices for imported crude oil.

The farm expenses price index (FEPI) rose 0.6 percent. The capital goods price index (CGPI) rose 0.8 percent.

In the June 2018 quarter, higher prices for imported crude oil increased the costs paid by the petroleum and coal product manufacturing industry (up 11.3 percent).

The higher cost for buying crude oil was passed on to petroleum products. The petroleum and coal product manufacturing industry received higher prices (up 10.9 percent) for petrol, diesel, other petroleum products such as aviation fuel and fuel oils.

Petrol bought by businesses was up 5.5 percent while diesel was up 9.8 percent. These higher costs for fuel flowed to other industries. For example, input prices for the road transport industry rose 2.0 percent in the June 2018 quarter, mainly due to higher petrol and diesel prices.