Consumer prices up 10.2 p.c. last year

Press, Volume CXIV, Issue 33434, 16 January 1974, Page 1

Consumer prices up 10.2 p.c. last year

(New Zealand Press Association)

WELLINGTON, January 15.

Consumer prices rose by 10.2 per cent last year the Department of Statistics disclosed today. The Acting Government Statistician (Mr E. A. Harris) said that this compared with a 5.5 per cent increase in 1972.

Mr Harris said that the all groups consumers’ price index for the fourth quarter of 1973 was 1681 (base 1000 in 1965) —a 39point, or 2.4 per cent, rise in the average level of retail prices during the third quarter.

The biggest movement in the quarter index was in the food group which gained 18.5 points over the third quarter of 1973.

Beef items increased the most —up 4.2 points—while sheep meats increased 3.3 points. Meals away from home had the third highest increase with 2.3 points, while fruit and vegetables moved upwards 2.3 points. Pig meats increased 2.1 points, cake and biscuits 1.3 points, and fish 0.5 points. The housing group prices

moved upwards 9.6 points. Repairs and maintenance were the biggest contributors to the increase with 1.4 points increase.

Clothing and footwear increased 4.8 points. The 2.4 per cent rise in the index compares with rises of 2.3 per cent in the third quarter of 1973, 2.8 per cent in the second quarter of 1973, 2.4 per cent in the first quarter of 1973, and 1.2 per cent in the fourth quarter of 1972. The monthly all-food group

index rose 0.5 per cent from November to December, 1973. Mr Harris said that the November food index was 1685 which rose to 1694 in December.

Food price increases in recent months were (all 1973 months) November over October, 0.5 per cent; October over September, 0.7 per cent; September over August, 3.1 per cent; August over July, 1.4 per cent; and July over June, 0.5 per cent. This showed that over the last three months, said Mr Harris, there had been a substantial slackening in the rate of increases in food prices.

SEASONAL MOVE

The nine-point increase for December over November comprised upward contributions of 7 points from seasonal fruit and vegetables, 1 point from beef items, 2? points from pig meats. points from meals away from home, i point from biscuits, and i point from confectionery.

The total effect of those increases was offset by downward contributions of 3| points from sheep meats and i point from bananas.