New Zealand CGPI growth continues

New Zealand CGPI growth continues

Statistics New Zealand announced that the country's capital goods price index (CGPI) continued to rise during the quarter ended December 31, 2004, increasing 0.8% from the previous quarter. The index had increased 0.6% in the quarter ended September 30, 2004, and 1.5% in the quarter ended June 31, 2004. According to the index, building costs rose 1.7% for residential buildings and 1.8% for non-residential buildings. The high prices of construction materials reportedly pushed up the index. On the other hand, the plant, machinery and equipment index fell 0.2% in the quarter ended December 31, 2004. Raw materials, supplier and sub-component prices were reportedly the main factors affecting price increases in the quarter. The 2.5% fall in the computer machinery index was the most significant downward contribution to the plant, machinery and equipment index. The transport equipment index fell 0.3% in the quarter, due to the fluctuations in the exchange rate. However, overall CGPI showed a 3.9% year-on-year increase in the quarter ended December 31, 2004.