Higher fuel prices contributed to the rise in producer output and input prices in the December 2017 quarter, Stats NZ said today.
Overall, producer output prices (the prices producers get for their goods and services) rose 1.0 percent in the December 2017 quarter. Input prices (the costs producers pay) rose 0.9 percent.
Output prices for the mining industry increased 9.3 per cent, influenced by higher crude oil prices received by gas and oil extraction producers.
Input prices paid by petroleum and coal product manufacturers rose 12 percent in the December 2017 quarter, influenced by higher imported crude oil prices.
“Higher crude oil prices led to increased costs for many industries, including petroleum, forestry and logging, transport, construction, and farming,” business prices manager Sarah Williams said.
Motor vehicle, parts and fuel retailing
In the December 2017 quarter the motor vehicle, parts and fuel retailing industry contributed for the increase in retail trade output prices (up 0.3 per cent).
Input prices paid by motor vehicle, parts and fuel retailing rose 1.0 per cent in the December quarter, the highest increase in the retail trade industry.