Transport prices up in the CPI

Statistics New Zealand has released the CPI figures for the December 2016 quarter. Overall, the annual CPI inflation rate was 1.3 per cent, according to the report, and the CPI rose 0.7 per cent for the quarter, with seasonal adjustment. Transport prices decreased one per cent overall from December 2015, but rose 3.7 per cent for the quarter. The cost of private vehicles increased 1.9 per cent for the quarter, but as growth was static for the first three quarters, the price increased 1.8 per cent between December 2015 and 2016. Private transport and supplies and services increased 2.3 per cent in price for the December 2016 quarter. As a result of the fluctuating prices in 2016, the overall cost fell two per cent between December 2015 and 2016. Passenger transport services had the highest transport price gain in the December quarter, rising 9.8 per cent. This follows decreasing costs in the March, June and September quarters, and passenger transport prices ended 1.9 per cent down on December 2015. The average price of one litre of 91 octane petrol has also increased, up 4.1 per cent to $1.82. 95/98 octane petrol also increased 4.2 per cent.