First-ever SPI combines FPI, RPI, and monthly price index data
Stats NZ has revolutionised the way we monitor inflation with the release of its first-ever Selected price indexes (SPI), which combines the FPI (food price index), RPI (rental price indexes), and new monthly price index data.
Expanded index categories
The SPI encompasses an array of new indexes to provide Australians with a more comprehensive and timely understanding of economic indicators.
The indexes include alcoholic beverages and tobacco, petrol and diesel, domestic and international airfares, as well as domestic accommodation services and overseas accommodation costs prepaid in New Zealand.
“Stats NZ is now publishing 45% of the consumers price index basket monthly,” Nicola Growden (pictured above), consumers prices senior manager, said in a media release. “We are delighted to be able to respond to customer demand and publish another big portion of the consumers price index every month.”
New SPI figures
According to the SPI, food prices experienced an increase since the previous year but saw decline in October. Rent prices, meanwhile, exhibited consistent growth on both an annual and monthly basis.
International accommodation prices rose by 2.7%, while international airfares decreased 7.5%. In the domestic realm, accommodation costs saw a 2.8% rise, contrasting with a 9.4% decline in airfares.
“For international and domestic travel, it was cheaper to travel by air, but more expensive to stay at the destination,” Growden said.
Petrol prices slipped 1.1% in October.
The alcoholic beverages and tobacco group lifted 1.3%, primarily attributed to heightened prices for cigarettes and tobacco.
“We usually see a rise for cigarettes and tobacco during the start of the year when excise taxes are adjusted,” Growden said. “The 2.7% increase in prices for cigarettes and tobacco is the largest we have seen apart from the increases we usually see in January.”
Since the series started in June 2011, the second-highest increase, apart from January, occurred in July 2014 with a 1.2% monthly rise.
For more information about the release, click here.
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