| Key facts |
| The following table shows the price changes for the September 2024 quarter. |
| Description |
Quarterly percentage change |
Annual percentage change |
| CPI all groups |
0.6 |
2.2 |
| Tradeables |
-0.2 |
-1.6 |
| Non-tradeables |
1.3 |
4.9 |
| CPI excluding food group, household
energy subgroup, and vehicle fuels |
1.0 |
3.1 |
|
| Quarterly change |
| Within the 0.6 percent rise in the CPI in the September 2024 quarter, higher prices were recorded for: |
- local authority rates and payments, up 12.2 percent (51.0 percent contribution to the 0.6 percent rise for all groups)
|
- vegetables, up 8.4 percent (16.1 percent contribution to all groups)
|
- pharmaceutical products, up 17.0 percent (15.2 percent contribution to all groups).
|
| These were partly offset by lower prices for: |
- petrol, down 6.5 percent (-40.6 percent contribution to all groups)
|
- early childhood education, down 22.8 percent (-18.4 percent contribution to all groups).
|
| Rates are captured once a year in the September quarter, as this is when ratepayers see price changes set by councils. |
| Annual change |
| Within the 2.2 percent increase in the CPI in the 12 months to the September 2024 quarter, higher prices were recorded for: |
- actual rentals for housing, up 4.5 percent (18.9 percent contribution to the 2.2 percent rise for all groups)
|
- local authority rates and payments, up 12.2 percent (15.8 percent contribution to all groups)
|
- cigarettes and tobacco, up 10.0 percent (13.8 percent contribution to all groups).
|
| These were partly offset by lower prices for: |
- petrol, down 8.0 percent (-14.8 percent contribution to all groups)
|
- vegetables, down 17.9 percent (-14.1 percent contribution to all groups).
|
| Tradeable and non-tradeable inflation |
| Non-tradeable inflation measures final goods and services that do not face foreign competition and is an indicator of domestic demand and supply conditions. However, the inputs of these goods and services can be influenced by foreign competition. |
| Within the 4.9 percent increase in non-tradeables inflation in the 12 months to the September 2024 quarter, higher prices were recorded for: |
- actual rentals for housing, up 4.5 percent (15.0 percent contribution to the 4.9 percent rise for all groups non-tradeable)
|
- local authority rates and payments, up 12.2 percent (12.6 percent contribution to all groups non-tradeable).
|
| These were partly offset by lower prices for: |
- early childhood education, down 22.8 percent (-4.5 percent contribution to all groups non-tradeable)
|
- domestic air transport, down 11.2 percent (-2.8 percent contribution to all groups non-tradeable).
|
| Tradeable inflation measures final goods and services that are influenced by foreign markets. |
| Within the 1.6 percent decrease in tradeable inflation in the 12 months to the September 2024 quarter, lower prices were recorded for: |
- petrol, down 8.0 percent (51.5 percent contribution to the 1.6 percent fall in all groups tradeable)
|
- vegetables, down 17.9 percent (49.1 percent contribution to all groups tradeable).
|
| These were partly offset by higher prices for: |
- overseas accommodation prepaid in New Zealand, up 5.1 percent (-16.4 percent contribution to all groups tradeable)
|
- oils and fats, up 24.9 percent (-10.5 percent contribution to all groups tradeable).
|
| Annual inflation, international comparisons |
| Country |
12-month inflation rate |
Time reference |
| New Zealand |
2.2 percent |
September 2024 |
| Australia |
2.7 percent* |
August 2024 |
| United Kingdom |
2.2 percent** |
August 2024 |
| United States of America |
2.4 percent |
September 2024 |
| OECD average |
4.7 percent |
August 2024 |
| European Union |
2.2 percent |
August 2024 |
| * Australia’s inflation rate is taken from the monthly indicator release.
** The United Kingdom’s CPI figure is not their headline figure, which is ‘Consumer Prices Index
including owner occupiers’ housing costs (CPIH)’. |
|
| For the full document click the link below: |
| New Zealand: Consumers price index: September 2024 quarter |
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