New monthly price index data will be released on 14 November 2023, Stats NZ announced today.
New price index data to be published monthly are:
- alcoholic beverages and tobacco
- petrol and diesel
- domestic and international airfares
- accommodation services.
Stats NZ produces monthly food and rent price indexes. The new data will be combined with the existing food and rent data in a new release to be called Selected price indexes (SPI). Existing subscribers to the food price index and rental price indexes releases will automatically be subscribed to the SPI. A link will be provided on the Stats NZ website for new subscribers.
The new data will allow for timely analysis into more price changes that New Zealand households experience and allows for more accurate forecasting of the consumers price index (CPI).
What is the consumers price index (CPI) explains this measure of inflation for all New Zealand households. The CPI records change over time in the price of a basket of goods and services. The basket contains everything from food and household utilities to transport and health expenditure.
"New Zealand, like the rest of the world, is currently experiencing high inflation. Decision-makers have asked for more frequent information about price changes to understand the impact on New Zealand households," general manager of economic and environment insights Jason Attewell said.
"Stats NZ already releases monthly data on food and rent price changes, which make up about 30 percent of New Zealand household spending. We have added new series on petrol, travel, and alcohol that will mean we publish price changes each month for around 44 percent of New Zealand household spending," Attewell said.
"The quarterly CPI will continue to be the official measure of household inflation."
When accounting for goods and services that only change price annually (for example, tuition fees and council rates), we will be publishing nearly half of the CPI basket as frequently as possible.
The additional price indexes utilise the remaining monthly data collections that have been added over time, or not been previously released. The Reserve Bank of New Zealand - Te Pūtea Matua (RBNZ) and the Treasury have welcomed the new release.
The RBNZ is a key user of critical macroeconomic data including quarterly CPI, labour market and GDP figures. RBNZ welcomes the new monthly price data as a valuable addition to a range of more timely monthly indicators.
"Getting reliable price data faster is critical to our job of controlling inflation and getting it back in our target band," RBNZ chief economist Paul Conway said.
"Monthly prices data is a very welcome addition that will help the Monetary Policy Committee make wise decisions that support the wellbeing and prosperity of all New Zealanders."
The Treasury values the additional, more detailed information the monthly price indexes will bring.
"This is a welcome addition to New Zealand's price statistics. It will give us a better handle on what is happening in the economy, helping us to advise the government with greater precision," the Treasury's chief economist Dominick Stephens said.
"It's great to see Stats NZ building an increasingly sophisticated picture of the economy in this way."
See Introducing a new price index release for more information about the release.
