NZD: NZ Producer Price Index Surpasses Expectations, Yet Softens to 0.7% from 0.8%
NZ PPI data beat expectations but came below the previous quarter numbers.
NZD PPI output came at 0.70% for the December month quarter versus forecast of -0.40% and still down from 0.80% in Previous quarter.
NZD PPI Input data came at 0.90% versus 0.40% expected and down from the previous quarter of 1.2%.
NZ Dollar moved stronger against counter pairs after the result came.
NZDUSD is moving in Descending channel and market has fallen from the lower high area of the channel
New Zealand’s Producer Price Index (PPI) exceeded expectations, surpassing forecasts for both Output and Input components but declined from the previous quarter, as reported by Stats NZ. The Output PPI increased by 0.7% in the December quarter, beating the expected 0.4% decline but falling from the previous quarter’s 0.8%. Meanwhile, the Input PPI for the same period recorded 0.9%, surpassing the anticipated 0.4% but retreated from the previous 1.2%.
According to Stats NZ, significant contributors to the Output PPI included a 7.3% increase in dairy cattle farming and a 1.1% rise in real estate services. These gains helped counterbalance a 4.5% decline in dairy product manufacturing.
On the Input PPI front, prices in dairy product manufacturing surged by 5.5%, while electrical and gas supply prices rose by 5.8%. Additionally, basic chemical and chemical product manufacturing contributed with a 2.8% increase.
NZD: NZ PPI Inputs Up 0.9% in Q4
NZ PPI data beat expectations but came below the previous quarter numbers.
NZD PPI output came at 0.70% for the December month quarter versus forecast of -0.40% and still down from 0.80% in Previous quarter.
NZD PPI Input data came at 0.90% versus 0.40% expected and down from the previous quarter of 1.2%.NZ Dollar moved stronger against counter pairs after the result came.
In Q4 2023, New Zealand’s producer price inputs rose by 0.9% on a quarterly basis, surpassing expectations of a 0.4% increase but declining from the 1.2% recorded in the previous quarter, according to Statistics New Zealand. Additionally, PPI outputs increased by 0.7% on quarter, exceeding estimates of 0.4% but showing a decrease from the 0.8% reported in the previous three months.
NZD: Dec 2023 Quarter Business Price Indexes
NZ PPI data beat expectations but came below the previous quarter numbers.
NZD PPI output came at 0.70% for the December month quarter versus forecast of -0.40% and still down from 0.80% in Previous quarter.
NZD PPI Input data came at 0.90% versus 0.40% expected and down from the previous quarter of 1.2%.
NZ Dollar moved stronger against counter pairs after the result came.
December 2023 Quarter Highlights:
– Output Producer Price Index (PPI) increased by 0.7%
– Input PPI rose by 0.9%
– Farm Expenses Price Index (FEPI) remained unchanged (0.0% change)
– Capital Goods Price Index (CGPI) grew by 0.9%
In the December 2023 quarter, producers experienced a 0.7 percent increase in prices for goods and services (outputs) compared to the September 2023 quarter. Concurrently, prices for goods and services (inputs) paid by producers also rose by 0.9 percent during the same period.
NZDUSD is moving in Ascending channel and market has reached higher high area of the channel
Key Quarterly Findings:
Output Industry Contributions:
– Dairy product manufacturing: -4.5%
– Dairy cattle farming: +7.3%
– Property operators and real estate services: +1.1%
Input Industry Contributions:
– Dairy product manufacturing: +5.5%
– Electricity and gas supply: +5.8%
– Basic chemical and chemical product manufacturing: +2.8%
NZDUSD is moving in Descending channel and market has fallen from the lower high area of the channel
BPI Data Quality Updates:
In the December 2023 quarter, the overall response rate was 89.8% (with a target response rate of 96%). Key firms achieved a response rate of 94.1% (with a target response rate of 100%).
The lower overall response rate necessitated increased imputation levels, involving the carryforward of previous prices for non-responding entities, where the price change was zero.
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