Stats NZ

Business price indexes: March 2021 quarter

Business price indexes (BPI) includes the producers price index (PPI), capital goods price index (CGPI), and farm expenses price index (FEPI).

Key facts

In the March 2021 quarter:

  • output producers price index (PPI) rose 1.2 percent
  • input PPI rose 2.1 percent
  • farm expenses price index (FEPI) rose 1.0 percent
  • capital goods price index (CGPI) rose 0.6 percent.

The largest output industry contributions were from:

  • electricity and gas supply, up 17.4 percent
  • petroleum and coal product manufacturing, up 12.2 percent
  • dairy cattle farming, up 5.1 percent.

The largest input industry contributions were from:

  • electricity and gas supply, up 28.7 percent
  • dairy product manufacturing, up 4.7 percent
  • petroleum and coal product manufacturing, up 9.3 percent.

 

Created with Highcharts 5.0.14PercentBusiness price indexes, quarterly change, March 2021 quarterPrices received by producersPrices paid by producersCapital goods pricesPrices paid by farmersSalary and wage rates including overtimeConsumer goods and services prices00.20.40.60.811.21.41.61.822.2Stats NZ

Business price indexes, quarterly change, March 2021 quarter

Created with Highcharts 5.0.14PercentBusiness price indexes, quarterly change, March 2021 quarterPercentPrices received by producersPrices paid by producersCapital goods pricesPrices paid by farmersSalary and wage rates including overtimeConsumer goods and services prices00.20.40.60.811.21.41.61.822.2Stats NZ
IndexPercent
Prices received by producers1.2
Prices paid by producers2.1
Capital goods prices0.6
Prices paid by farmers1
Salary and wage rates including overtime0.4
Consumer goods and services prices0.8
Created with Highcharts 5.0.14PercentBusiness price indexes, annual change, March 2021 quarterPrices received by producersPrices paid by producersCapital goods pricesPrices paid by farmersSalary and wage rates including overtimeConsumer goods and services prices00.10.20.30.40.50.60.70.80.911.11.21.31.41.51.61.71.81.92Stats NZ

Business price indexes, annual change, March 2021 quarter

Created with Highcharts 5.0.14PercentBusiness price indexes, annual change, March 2021 quarterPercentPrices received by producersPrices paid by producersCapital goods pricesPrices paid by farmersSalary and wage rates including overtimeConsumer goods and services prices00.10.20.30.40.50.60.70.80.911.11.21.31.41.51.61.71.81.92Stats NZ
IndexPercent
Prices received by producers1.2
Prices paid by producers1.8
Capital goods prices1.9
Prices paid by farmers0.9
Salary and wage rates including overtime1.6
Consumer goods and services prices1.5

Update to imports and exports methodology

We have updated our methodology for calculating price changes for import and export values. Previously we would manually check and quality adjust HS10 classifications to ensure realistic price changes were reported. We have implemented the same fixed-effects window-splicing (FEWS) methodology recently implemented in the quarterly overseas trade index (OTI) release.

In the same way FEWS was implemented in OTI, the data source remains the same (merchandise trade data). The implementation of the FEWS methodology standardises our treatment of outliers so improves data quality.

See Overseas trade price indexes through a multilateral method for more details on the FEWS methodology.

Annual PPI reweight

We reweight the producers price index (PPI) industry and commodity weights annually, using detailed product information sourced from the supply-and-use reconciliation we do each year in the national accounts. We publish these weights alongside the March quarter release. This release incorporates the new weights.

See Producers price index weights for more information.

Correction to December 2020 quarter data

While preparing data for the March 2021 quarter release we discovered errors in published December 2020 quarter data. A manual processing error led to provisional data being released. We have corrected these errors in this release. The affected series in the published CSV, Excel tables, and on Infoshare have R flags next to them indicating that they have changed.

We have revised our processes and implemented changes to minimise the chance of this error happening again.

More data

Use Infoshare for quarterly business price indexes data:

Subject category: Economic indicators
Group: Producers price index – PPI
Group: Capital goods price index – CEP

Subject category: Industry sectors
Group: Farm inputs – FPI

ISSN 2423-0340

Next release

Business price indexes: June 2021 quarter will be published on 18 August 2021.

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