Tuesday, March 5, 2024

New price index to expand on CPI

Statistics Minister Andrew Bayly says the new Selected Price Indexes (SPI) from Stats NZ, released for the first time at midday today, replaces and expands upon previous indexes, offering essential price data at more regular intervals.

“Covering 45% of the Consumer Price Index (CPI) basket of goods, the Selected Price Index offers Kiwis and their businesses a powerful tool to better understand, budget and respond to market dynamics,” said Mr Bayly (pictured).

He said the Selected Price Indexes acts as a cost-effective alternative solution to a monthly Consumer Price Index. 

“The inclusion of monthly data for essential sectors such as food, rental, alcoholic beverages, tobacco, petrol, diesel, airfares, and accommodation services means better budgeting and financial planning capabilities for households, businesses  and government.”

Selected Price Indexes can be used to forecast inflation which makes it a valuable resource for businesses in anticipating and aligning with potential shifts in monetary policy.

“As a government we are committed to lowering inflation and providing support that helps Kiwis navigate the high cost of living.”

“More data, more often, means we have a better understanding of what the consumer market prices are doing, and it can aid decision-making for households and businesses.

“The Selected Price Indexes give Kiwis clear, timely information on the critical goods and services they care most about,” the Minister said.

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