Business Price Index: September 2016 quarter

This BPI release includes the September 2016 quarter PPI, CGPI, and FEPI data. Response rates for September 2016 quarter Key firms Achieved: 100 percent Target: 100 percent Non-key firms Achieved: 97 percent Target: 96 percent Exchange rates The New Zealand dollar appreciated against four key currencies (US dollar, UK pound, Australian dollar and Euro) and depreciated against the Japanese yen, when comparing the mid-point of the June 2016 and September 2016 quarters. An appreciating NZ dollar has a downward 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 June 2016 quarter to the mid-point of the September 2016 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 May 2016 0.6594 0.4591 0.9086 71.40 0.5806 15 August 2016 0.7011 0.5418 0.9135 70.69 0.6249 Percentage change 6.3 18.0 0.5 -1.0 7.6 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