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Falling dairy prices dragged down New Zealand's producer prices in the quarter to the end of June, while the high New Zealand dollar pushed up capital goods prices, the government statistics agency announced Tuesday.
Prices received by producers, as measured by the output producers price index (PPI), fell by 0.5 percent in the June quarter, while the input PPI, representing the prices of goods and services used by producers, fell 1 percent, according to Statistics New Zealand.
"Lower milk prices contributed to decreases in both the input and output PPIs in the June quarter," prices manager Chris Pike said in a statement.
Lower prices for raw milk saw prices received by dairy cattle farmers drop 11 percent, and input prices paid by dairy product manufacturers were down 9.4 percent.
In the year ending June, the prices received by the dairy cattle farming industry rose by 19 percent, and the prices paid by the dairy product manufacturing industry were up 16 percent.
In the June quarter, the output dairy product manufacturing price index fell 2.9 percent, reflecting lower prices for milk powder.
The input electricity and gas supply price index fell 8.4 percent, due to lower prices for electricity generation.
In the year to June, the output PPI was up 2.5 percent and the input PPI rose 1.4 percent.
Also in the June quarter, the price of purchasing new capital items rose 0.7 percent, according to Statistics New Zealand.
Four of six asset groups were up, driven by a 1.3-percent rise in the residential buildings price index and a 1.1-percent rise in the non-residential buildings price index.
The rises were partly offset by a fall of 0.3 percent in the price index for plant, machinery and equipment, influenced mainly by the appreciation of the New Zealand dollar.
In the year to June, the Capital Goods Price Index (CGPI) increased 2.2 percent, driven mainly by increases for residential buildings (up 4.5 percent) and non-residential buildings (up 4.2 percent).
