CPI up 0.6% for quarter, 2.5% for year

Sunday 17 October 2004

The consumers price index (CPI) rose 0.6% in the September quarter, pushed up by a 1.6% rise in the housing sector and taking the annual inflation rate to 2.5%.

By The Landlord

That housing sector rise was pushed up by a 1.9% increase from higher prices for the construction & purchase of new homes plus 3.2% for increases in council rates.

Statistics NZ said alcohol & higher prices for international flights also contributed. The 2.2% rise in the tobacco & alcohol index was driven by an increase in excise duty on 1 June. International air travel prices rose 5.9%, raising the transport index 0.5%.

Major contributors to the 2.5% annual inflation rate were construction prices, up 9%, & petrol up 11.9%.

The inflation rate was last at 2.5% 18 months ago. It got down to 1.5% for 3 of the next 4 quarters then rose to 2.4% in the June quarter.

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