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Consumer prices in New Zealand gained 1.7 percent on year in the third quarter of 2009, Statistics New Zealand said on Thursday, marking the slowest rise in five and a half years. That was higher than forecasts for a 1.1 percent annual expansion following the 1.9 percent increase in the previous three months.
Transport prices fell 5.5 percent on year with lower prices for petrol (down 19.0 percent), international air transport (down 15.1 percent), and diesel (down 38.8 percent).
Food prices increased 5.4 percent, accounting for well over half of the CPI annual increase. Electricity prices rose 4.5 percent and local authority rates rose 6.6 percent.
"A big contributor to the lower annual increase came from petrol prices and airfares falling during the year, which partly offset higher prices for food, electricity, and local authority rates," Statistics New Zealand Prices Manager Chris Pike said in a release accompanying the data.
On a quarterly basis, inflation was up 1.3 percent versus expectations for a 0.8 percent increase after the 0.6 percent gain in the second quarter.
Food prices rose 1.7 percent in the September quarter, driven by higher vegetable prices. International air transport was up 11.0 percent in the same period, rising from historically low levels in the June quarter. Vehicle relicensing fees rose 16.2 percent, reflecting an increase in the ACC levy, while local authority rates rose 5.6 percent, and alcoholic beverages rose 2.5 percent with higher excise duty from July.
"The increase in the September 2009 quarter was driven by higher food prices and international airfares, and by levy, excise and tax increases that usually occur at this time of year," Pike said.
Also on Thursday, food prices were down 0.7 percent on month in September. The Food Price Index also had fallen in August, by 0.9 percent. Both falls were influenced by lower fruit and vegetable prices.
In September, fruit and vegetable prices decreased 8.4 percent. Vegetable prices fell 12.8 percent in September and 3.2 percent in August. Prices were particularly high in July 2009, influenced by unusually cold weather in May. Lower prices were recorded in September for lettuce (down 40.7 percent), cucumber (down 25.5 percent), and capsicum (down 23.5 percent), following unusually warm weather in August.
Grocery food prices recorded their second consecutive fall (down 0.1 percent in September and 1.3 percent in August), while meat, poultry, and fish prices rose 1.8 percent in September, following price falls in July and August.
For the year to September, food prices rose 3.3 percent, which is the smallest annual increase since a rise of 3.0 percent in the year to June 2007. Four subgroups recorded increases: grocery food (up 3.8 percent), meat, poultry, and fish (up 7.1 percent), non-alcoholic beverages (up 9.7 percent), and restaurant meals and ready-to-eat food (up 3.6 percent). The fruit and vegetables subgroup fell 7.4 percent in the year to September.
Finally, Business New Zealand's Performance of Manufacturing Index came in with a score of 51.7 for September, moving above the boom-or-bust level of 50. The index posted a revised 48.8 in August.
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