Surging power, gas costs drive increase in 2Q producer prices
New Zealand producer input and output prices rose in the second quarter, led by electricity and gas, reflecting low hydro lake levels and conditions in the spot market for power, government figures show.
Prices paid by producers rose 0.6 percent in the three months ended June 30, accelerating from a 0.3 percent pace in the first quarter, according to Statistics New Zealand. Prices received by producers, or output prices, climbed 0.3 percent, following a 0.1 percent decline in the first three months of the year.
Electricity and gas prices were the biggest contributor to input prices, rising 8.2 percent in the latest quarter for an annual increase of 27 percent. Electricity and gas output prices gained 10.7 percent in the latest quarter.
Input prices for dairy manufacturing fell 4.7 percent in the latest quarter and dropped 13.9 percent in the year, the biggest decline since the third quarter of 2009, while the input price index for meat manufacturing fell 4.6 percent, reflecting lower prices for sheep, lamb and beef.
The output price index for property and real estate services rose 1.7 percent in the quarter, the biggest increase since the series began in 1994, led by rental prices for office space.
The output price index for agriculture, forestry and fishing fell 2.1 percent, led by a 6.9 percent drop in the output price index for dairy cattle, which reflected lower farm-gate milk prices. The output price index for mining fell 3.5 percent, reflecting lower prices for exported crude oil.
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