BPI data collection June 2020

This BPI release includes the June 2020 quarter PPI, CGPI, and FEPI data. Response rates for June 2020 quarter Key firms Achieved: 100 percent Target: 100 percent Non-key firms Achieved: 96.7 percent Target: 96 percent Commodity review We are continuing our rolling review of the business price indexes. The review has two objectives: to maintain the relevance of these indexes and to collect commodity data for use in the national accounts. We are surveying a sample of economically significant enterprises operating in New Zealand, to collect information on their supply and use of goods and services (commodities). We use this commodity information (by industry) to update lower-level weights for the business price indexes. We use these indexes as deflators in producing a chain-volume measure of GDP. Revisions We have incorporated several revisions to agriculture, manufacturing, transport, all industry PPI indexes, and some farm expense price indexes in this release. The revisions reflect updated data that impacts historical results. They affect the PPI from the September 2019, December 2019, and March 2020 quarters. The table below lists the series which have been revised this quarter and also shows the period with the largest difference compared to the original figure. Revisions Series name Series reference Largest difference Period (1) Farm expenses price index - Horticulture and fruit growing farm, Livestock purchases FPIQ.SEA31 19 2020.1 Farm expenses price index - Sheep, beef, and grain farms, Livestock purchases FPIQ.SEB31 3 2020.1 Farm expenses price index - Sheep, beef, and grain farms, Subtotal including livestock FPIQ.SEB39 1 2020.1 Farm expenses price index - Sheep, beef, and grain farms, All inputs including livestock FPIQ.SEB99 1 2019.4 Farm expenses price index - Dairy farms, Livestock purchases FPIQ.SEC31 82 2019.4 Farm expenses price index - Dairy farms, Subtotal including livestock FPIQ.SEC39 7 2020.1 Farm expenses price index - Dairy farms, All inputs including livestock FPIQ.SEC99 5 2020.1 Farm expenses price index - Poultry, deer, and other livestock, Livestock purchases FPIQ.SED31 32 2020.1 Farm expenses price index - Poultry, deer, and other livestock, Subtotal including livestock FPIQ.SED39 3 2019.4 Farm expenses price index - Poultry, deer, and other livestock, All inputs including livestock FPIQ.SED99 2 2020.1 Farm expenses price index - Sheep and beef farms, Livestock purchases FPIQ.SEE31 3 2020.1 Farm expenses price index - Sheep and beef farms, Subtotal including livestock FPIQ.SEE39 1 2020.1 Farm expenses price index - Sheep and beef farms, All inputs including livestock FPIQ.SEE99 1 2020.1 Farm expenses price index - Cropping and other farming, Livestock purchases FPIQ.SEF31 32 2020.1 Farm expenses price index - Cropping and other farming, Subtotal including livestock FPIQ.SEF39 2 2020.1 Farm expenses price index - Cropping and other farming, All inputs including livestock FPIQ.SEF99 1 2020.1 Farm expenses price index - All farms, Livestock purchases FPIQ.SEH31 48 2020.1 Farm expenses price index - All farms, Subtotal including livestock FPIQ.SEH39 4 2020.1 Farm expenses price index - All farms, All inputs including livestock FPIQ.SEH99 3 2020.1 PPI output index level 1 - Agriculture PPIQ.SQUAA0000 1 2020.1 PPI output index level 2 - Agriculture PPIQ.SQUAA1000 1 2020.1 PPI output index level 3 - Sheep, beef cattle, and grain farming PPIQ.SQUAA1200 4 2020.1 PPI output index level 3 - Dairy cattle farming PPIQ.SQUAA1300 1 2019.4 PPI output index level 3 - Poultry, deer, and other livestock farming PPIQ.SQUAA1400 1 2020.1 PPI output index level 1 - Transport, postal and warehousing PPIQ.SQUII0000 3 2020.1 PPI output index level 2 - Transport, postal and warehousing PPIQ.SQUII1000 3 2020.1 PPI output index level 3 - Rail, water, air and other transport PPIQ.SQUII1200 6 2020.1 PPI input index level 0 - All industries PPIQ.SQN900000 1 2019.4 PPI input index level 0 - All industries excl admin, health, education PPIQ.SQN800000 1 2019.4 PPI input index level 0 - All industries excl admin health education OOD PPIQ.SQN800001 1 2020.1 PPI input index level 0 - All industries excl OOD PPIQ.SQN900001 1 2019.4 PPI input index level 1 - Agriculture PPIQ.SQNAA0000 3 2019.3 PPI input index level 2 - Agriculture PPIQ.SQNAA1000 3 2020.1 PPI input index level 3 - Horticulture and fruit growing PPIQ.SQNAA1100 1 2019.3 PPI input index level 3 - Sheep, beef cattle, and grain farming PPIQ.SQNAA1201 1 2020.1 PPI input index level 3 - Dairy cattle farming PPIQ.SQNAA1300 8 2019.3 PPI input index level 3 - Poultry, deer, and other livestock farming PPIQ.SQNAA1401 3 2020.1 PPI input index level 1 - Manufacturing PPIQ.SQNCC0000 1 2019.3 PPI input index level 2 - Food manufacturing PPIQ.SQNCC1000 1 2019.4 PPI input index level 3 - Meat and meat product manufacturing PPIQ.SQNCC1100 4 2019.4 PPI published commodities - output - Livestock, sheep PPIQ.SQUC02100 26 2019.4 PPI published commodities - output - Livestock, cattle PPIQ.SQUC02250 11 2020.1 PPI published commodities - output - Livestock, deer PPIQ.SQUC02420 6 2020.1 PPI published commodities - input - Livestock, sheep PPIQ.SQNC02100 20 2020.1 PPI published commodities - input - Livestock, cattle PPIQ.SQNC02250 12 2019.3 PPI published commodities - input - Livestock, deer PPIQ.SQNC02420 6 2020.1 (1) Where the largest difference persists for more than one period, the most recent period has been listed. Exchange rates The New Zealand dollar depreciated against five key currencies (US dollar, UK pound, Australian dollar, Japanese yen, and the Euro) when comparing the mid-point of the June 2020 and March 2020 quarters. A depreciating NZ dollar has an upward influence on the prices New Zealand producers pay for imported goods and services, and the prices received for exports. When calculating the PPI and CGPI, we generally use prices collected on the 15th day of the middle month in the quarter to represent the entire quarter. When these prices are collected in foreign currencies, they are converted to NZ dollars using the exchange rate at the mid-point of the quarter. The table below shows changes in the value of the NZ dollar in foreign currency denominations, from the mid-point of the March 2020 quarter to the mid-point of the June 2020 quarter. Exchange rates Bank selling rates for NZ$1.00 USA (NZ$:US$) UK (NZ$:pound) Australia (NZ$:AUS$) Japan (NZ$:yen) Europe (NZ$:euro) 15 February 2020 0.6319 0.4841 0.9396 69.3911 0.5827 15 May 2020 0.5876 0.4807 0.9099 63.0574 0.5444 Percentage change -7.0 -0.7 -3.2 -9.1 -6.6 Source: Westpac Banking Corporation For a limited number of prices (e.g. petroleum product manufacturing) we use quarterly average prices. For these prices, the relevant exchange-rate movements are based on the average exchange rate for the quarter. en-NZ