Tuesday 20th February 2018
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New Zealand producer input and output prices rose in the fourth quarter as fuel prices increased.
Prices paid by producers - input prices - rose 0.9 percent in the three months ended Dec. 31, while output prices, or prices received by producers, rose 1 percent, Statistics New Zealand said.
Output prices for the mining industry increased 9.3 percent, influenced by higher crude oil prices received by gas and oil extraction producers, Stats NZ said. Input prices paid by petroleum and coal product manufacturers rose 12 percent, influenced by higher imported crude oil prices.
"Higher crude oil prices led to increased costs for many industries, including petroleum, forestry and logging, transport, construction, and farming,” business prices manager Sarah Williams said.
Producer output prices were mainly influenced by dairy product manufacturers, up 5.3 percent due to prices rises for butter, cheese and whole milk powder, Stats NZ said. On an annual basis, dairy product manufacturing prices lifted 25 percent.
In the latest quarter, producer outputs and input prices for meat and meat product manufacturing rose to new highs, Stats NZ said. Output prices rose 4 percent due to higher export sheep and lamb prices while input prices lifted 2.6 percent influenced by higher livestock sheep prices.
On an annual basis, meat and meat product manufacturing output prices rose 12 percent and input prices rose 14 percent, the agency said.
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