Producer price outputs in New Zealand advanced 1.5 percent on quarter in the fourth quarter of 2016, Statistics New Zealand said on Monday - after the 1.0 percent increase in the third quarter.
Producer output prices were mainly influenced by higher prices received by dairy product manufacturers (up 14 percent), and higher farm-gate milk prices received by dairy cattle farmers (up 13 percent).
"Producer prices were driven by a higher forecasted farm-gate milk price, which rose to $6.00 a kilo in mid-November 2016. This compares to NZ$4.60 a kilo a year before, and NZ$8.65 a kilo in the March 2014 quarter, when prices received by dairy cattle farmers were at their peak," business prices manager Sarah Williams said.
Prices received by producers in the mining and construction industries were also up, by 13 percent and 1.6 percent respectively. Construction prices were affected by labor and material costs.
On a yearly basis, outputs climbed 2.5 percent.
Producer price inputs gained 1.0 percent on quarter after rising 1.5 percent in the three months prior.
Producer input prices were mainly influenced by prices paid by dairy product manufacturers (up 11 percent), due to the increase in farm-gate milk prices.
Price rises in petrol (up 5.7 percent) and diesel (up 8.5 percent) also contributed to higher input prices paid by producers across many industries. Some relief came from lower electricity prices paid by producers (down 13 percent).
On a yearly basis, inputs advanced 2.3 percent.
The capital goods price index increased 3.4 percent on year, influenced by civil construction (up 3.1 percent), and the construction of residential buildings (up 6.0 percent) and non-residential buildings (up 5.6 percent).
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