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Financial News: New Zealand PPI Outputs Advance 0.2% In Q1

New Zealand PPI Outputs Advance 0.2% In Q1

05/16/2018 - 19:15:00 (RTTNews)

(RTTNews) - Producer price outputs in New Zealand were up 0.2 percent on quarter in the first quarter of 2018, Statistics New Zealand said on Thursday.

That follows the 1.0 percent gain in the previous three months.

Producer prices inputs added 0.6 percent on quarter, slowing from 0.9 percent in the three months prior.

In the March quarter, output prices for dairy cattle farmers rose 2.3 percent, while the price for dairy product manufacturing fell 7.0 percent.

Input prices for dairy product manufacturing rose 1.7 percent, mainly influenced by a rise in the farm-gate milk price.

"An increase in the forecast farm-gate milk price from $6.40 to $6.55 pushed up prices received by dairy cattle farmers," business prices manager Geoffrey Wong said. "At the same time, dairy product manufacturers received less as whole milk powder and butter prices fell."

In the March quarter, rising fuel costs affected both petroleum and coal product manufacturers, and farmers.

Input prices for petroleum and coal product manufacturers rose 7.2 percent due to higher crude oil prices.

On a yearly basis, producer price outputs were up 3.5 percent and inputs advanced 4.2 percent.

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