Business Price Index: December 2017 quarter

This BPI release includes the December 2017 quarter PPI, CGPI, and FEPI data. Response rates for December 2017 quarter Key firms Achieved: 100 percent Target: 100 percent Non-key firms Achieved: 95.9 percent Target: 96 percent Correction notification Revisions for the June 2017 and September 2017 quarters Due to a processing error involving crude oil, we have revised some data for the June and September 2017 quarters. The revisions are in the tables below. These corrections will also be seen in Overseas trade indexes (prices and volumes): December 2017 quarter (provisional) to be published 1 March 2018 and Gross domestic product: December 2017 quarter to be published 15 March 2018. There will be little or no impact on the overall terms of trade or headline GDP. Correction notification June 2017 quarter revisions Index Percentage change Group, subgroup, or selected grouping Series ref: PPIQ Originally published Corrected Points difference From previous quarter - originally published From previous quarter - corrected From same quarter of previous year - originally published From same quarter of previous year - corrected All industries SQN900000 1083 1084 1 1.4 1.5 4.7 4.8 All industries excl owner-occupied dwellings SQN900001 1082 1083 1 1.4 1.5 4.8 4.9 All industries excl. admin, health, education SQN800000 1082 1083 1 1.4 1.5 4.9 5.0 Mining SQNBB0000 1111 1113 2 -0.9 -0.7 2.2 2.4 Manufacturing SQNCC0000 1047 1050 3 2.4 2.7 11.6 11.9 Petroleum and coal product manufacturing SQNCC5100 705 732 27 -3.6 0.1 13.3 17.7 Source: Published 20 February 2018 as part of the Business price indexes: December 2017 quarter Correction notification September 2017 quarter revisions Index Percentage change Group, subgroup, or selected grouping Series ref: PPIQ Originally published Corrected Points difference From previous quarter - originally published From previous quarter - corrected From same quarter of previous year - originally published From same quarter of previous year - corrected All industries SQN900000 1094 1096 2 1.0 1.1 4.3 4.5 All industries excl owner-occupied dwellings SQN900001 1094 1095 1 1.1 1.1 4.4 4.5 All industries excl admin health education owner-occupied dwellings SQN800001 1094 1095 1 1.1 1.2 4.6 4.7 All industries excl. admin, health, education SQN800000 1094 1096 2 1.1 1.2 4.5 4.7 Mining SQNBB0000 1116 1121 5 0.5 0.7 1.8 2.3 Manufacturing SQNCC0000 1063 1068 5 1.5 1.7 8.0 8.5 Petroleum and coal product manufacturing SQNCC5100 655 703 48 -7.1 -4.0 -3.0 4.1 Source: Published 20 February 2018 as part of the Business price indexes: December 2017 quarter Exchange rates The New Zealand dollar depreciated against all five key currencies (US dollar, UK pound, Australian dollar, Japanese yen and Euro), when comparing the mid-point of the December 2017 and September 2017 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 September 2017 quarter to the mid-point of the December 2017 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 August 2017 0.7116 0.5483 0.9035 77.80 0.6013 15 November 2017 0.6725 0.5099 0.8791 75.99 0.5676 Percentage change -5.5 -7.0 -2.7 -2.3 -5.6 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