Business Price Indexes: March 2024 Quarter

Business price indexes includes the producers price index (PPI), capital goods price index (CGPI), and farm expenses price index (FEPI).

Key facts

In the March 2024 quarter compared with the December 2023 quarter:

  • output producers price index (PPI) rose 0.9 percent
  • input PPI rose 0.7 percent
  • farm expenses price index (FEPI) was flat (0.0 percent change)
  • capital goods price index (CGPI) rose 0.5 percent.
“Index”“Percent”
“Prices received by producers (Output)”0.9
“Prices paid by producers (Input)”0.7
“Capital goods prices”0.5
“Prices paid by farmers”0
“Salary and wage rates including overtime”0.9
“Consumer goods and services prices”0.6
IndexPercent
Prices received by producers (Output)2.6
Prices paid by producers (Input)2.6
Capital goods prices3.2
Prices paid by farmers1.2
Salary and wage rates including overtime4.1
Consumer goods and services prices4

In the March 2024 quarter, prices received by producers of goods and services (outputs) increased 0.9 percent compared with the December 2023 quarter. Prices paid by producers of goods and services (inputs) increased 0.7 percent over the same period.

period endedProducer price index ‒ outputsProducer price index ‒ inputs
Mar-140.91
Jun-14-0.5-1
Sep-14-1.1-1.5
Dec-14-0.1-0.4
Mar-15-0.9-1.1
Jun-15-0.2-0.3
Sep-151.31.6
Dec-15-0.8-1.2
Mar-16-0.2-1
Jun-160.20.9
Sep-1611.5
Dec-161.51
Mar-171.40.8
Jun-171.31.5
Sep-1711.1
Dec-1710.9
Mar-180.20.6
Jun-180.91
Sep-181.51.4
Dec-180.91.8
Mar-19-0.5-0.9
Jun-190.40.3
Sep-191.11
Dec-190.50.2
Mar-200.1-0.3
Jun-20-0.2-0.9
Sep-20-0.30.6
Dec-200.50.1
Mar-211.22.1
Jun-212.63
Sep-211.81.6
Dec-211.51.2
Mar-222.63.4
Jun-222.43.1
Sep-221.60.8
Dec-220.90.5
Mar-230.20
Jun-230.2-0.2
Sep-230.81.2
Dec-230.70.9
Mar-240.90.7

Key quarterly results

The largest output industry contributions were from:

  • electricity and gas supply, up 8.8 percent
  • dairy product manufacturing, up 2.3 percent
  • ownership of owner-occupied dwellings, up 1.2 percent.

The largest input industry contributions were from:

  • electricity and gas supply, up 11.6 percent
  • meat and meat product manufacturing, down 3.8 percent
  • insurance and superannuation funds, up 5.0 percent.

BPI data quality updates

In the March 2024 quarter, the overall response rate was 94.8 percent (target response rate of 96 percent). The response rate for key firms was 99.4 percent (target response rate of 100 percent).

The lower overall response rate has required higher levels of imputation where we carried forward previous prices for the relevant respondent that did not respond (that is, price change was zero).

More data

Use Infoshare for quarterly business price indexes data:

Subject category: Economic indicators
Group: Producers price index – PPI
Group: Capital goods price index – CEP

Subject category: Industry sectors
Group: Farm inputs – FPI

Definitions and metadata

Business price indexes – DataInfo+ gives the methodology used to produce business price indexes, including for the latest quarter.

Business price indexes concepts – DataInfo+ gives definitions of terms used in this release.

Technical enquiries

Elijah Griffiths
04 931 4600
[email protected]

ISSN 2423-0340

Next release

Business price indexes: June 2024 quarter will be released on 16 August 2024. 

/Stats NZ Public Release. View in full here.