The price of housing, as well as construction and transport equipment, drove up the cost of purchasing new capital items in New Zealand by 0.3 percent in the quarter ending September, the government statistics agency announced Monday.
Five of six asset groups measured by the capital goods price index (CGPI) increased, with the main drivers being the residential buildings price index (up 0.8 percent), the civil construction price index (up 1.0 percent) and the transport equipment price index (up 0.6 percent), according to Statistics New Zealand.
The land improvements price index rose 1.2 percent in the September quarter, while the non-residential buildings index increased 0.1 percent.
The rises in the September quarter were offset by a 0.6-percent fall in the price index for plant, machinery, and equipment, due largely to lower prices for computer machinery, said a statement from the agency.
In the year to the September quarter, the CGPI, which measures the purchase prices of capital goods used by producers, rose 1.3 percent.