Producer output and input prices have increased in the September 2022 quarter, Stats NZ said today.
In the September 2022 quarter prices received by producers of goods and services (outputs) increased 1.6 percent compared with the June 2022 quarter. Prices paid by producers of goods and services (inputs) increased 0.8 percent over the same period.
“Although the majority of industries had price increases, the electricity and gas supply industry had significant price decreases,” business prices delivery manager Bryan Downes said.
“Lower prices in the electricity and gas supply industry were due to favourable generation conditions such as high hydro lake levels.”
Key Quarterly Results
Producer output prices
Higher prices received by the dairy product manufacturing (up 9.9 percent), accommodation and food services (up 5.7 percent), and building construction (up 2.5 percent) industries were the largest contributors to the increase in prices received by producers. Offsetting this was a 13.9 percent fall in prices received by producers in the electricity and gas supply industry.
Producer input prices
Higher prices paid by the meat and meat product manufacturing (up 6.2 percent), building construction (up 2.3 percent), and construction services (up 2.8 percent) industries were the largest contributors to the increase in prices paid by producers. Offsetting this was a fall of 23.2 percent in prices paid by producers in the electricity and gas supply industry.
Stronger increases seen for farm expense prices
On average, for all farm types, expenses were 15.0 percent higher than a year ago. The latest increase was the largest annual increase since the series began in 1993.
“Recent increases in interest rates, fertiliser, and fuel prices have been notable factors,” Downes said.