1.5 Per Cent Increase In Retail Prices

Press, Volume CX, Issue 32351, 17 July 1970, Page 7

1.5 Per Cent Increase In Retail Prices

(New Zealand PrCss Association)

WELLINGTON, July 15. A 19-point increase in the consumers’ price index amounts to a 1.5 per cent rise in the average level of retail prices between the first and second quarters of 1970, the Department of Statistics announced today.

The index also indicates that consumer prices have increased 5.2 per cent since the quarter ended June, 1969. and 3.7 per cent in the first six months of 1970.

During the 12 months ended March 31. 1970. consumer prices rose by 4.8 per cent, whiqh indicated the upward movement of prices appeared to be gathering momentum, said the Government Statistician (Mr J. P. Lewin). “The major contributions to the 19-point increase in all groups came from the food group, 91 points, the housing group, 4j points, household operation and apparel groups. 1| points each, and the miscellaneous groups. 21 points." he said.

“Sub-groups contributing significantly to the all-groups upward movement were fruit and vegetables, H points each, meat and fish. 4j points each, clothing, If points, and miscellaneous supplies. 1) points.

After recording no advance in May above the April level, the monthly all-food index (on base: 1965 equals 1000. which is also used in the quarterly index) rose from 1205 in May to 1255 in June. 1970.

This 10-point increase (which represents a 0.8 per cent increase in food prices above the May level) is composed of upward contributions of 1 point from oranges, points from beef meats. 31 from sheep meats, 1} from

pork meats, 2| from eggs, and 1 point from meals away from home.

These are offset by down ward contributions of 31 points from seasonal fruit and vegetables, and i of a point from bananas.