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Prices for NZ-made goods and services up 1.4 percent

Prices for NZ-made goods and services as measured by Statistics New Zealand rose 1.4 per cent in the last quarter, reflecting higher prices for refined petroleum products such as petrol and diesel.

Prices for NZ-made goods and services as measured by Statistics New Zealand rose 1.4 per cent in the last quarter, reflecting higher prices for refined petroleum products such as petrol and diesel.

Government statistician Geoff Bascand said the rise in output prices in the producers price index (PPI) was primarily due to  a 10.5 percent rise for goods produced by the petroleum and coal product manufacturing industry and a 5.1 percent increase in manufactured dairy product prices.

Offsetting those rises was a fall in the prices of telecommunication and internet services.

For the year from the June 2010 quarter, the overall PPI for outputs was up 4.5 percent.

Prices for goods and services used by New Zealand producers (referred to as inputs) also increased. That included a 5.5 percent lift in meat and meat product manufacturing driven by higher livestock prices and a 2.3 percent rise in prices faced by agriculture, forestry and fishing reflecting higher fuel prices.

SNZ also issued an updated capital goods price index (CGPI) today, measuring the change in the cost of items bought by NZ producers, such as businesses, government, and households, which rose 0.5 percent in the last three months.

Prices associated with infrastructure projects, such as roading, pushed the civil construction price index up 2.8 percent.

Non-residential construction rallied by 0.6 percent, while residential building increased 0.8 percent.

Prices for the plant, machinery, and equipment group fell, which SNZ attributed to lower prices for computer equipment.