Stats NZ general manager Jason Attewell said the SPI would offer a more timely analysis of household prices. Photo: 123RF
Stats NZ will be providing a more comprehensive snapshot of price inflation with a new monthly price index from the middle of next month.
The selected price indexes (SPI) combine the prices of alcoholic beverages and tobacco, petrol and diesel, domestic and international airfares and accommodation services, with the existing food and rent price indexes.
It is expected to offer a more timely analysis of household prices, and not intended to replace or replicate the quarterly consumer price index (CPI), which offered a more broad-based look at price inflation.
Stats NZ general manager Jason Attewell said the SPI would offer a more timely analysis of household prices.
"And look, we recognise that New Zealand like the rest of the world is in a period of really high inflation and so having those really timely indicators of what is happening to the cost of living has been really important for all New Zealanders but particularly for customers that we work with, like the Reserve Bank and Treasury as well," Attewell said.
He said the prices included in the SPI accounted for about 44 percent of the CPI's weighted prices.
The monthly SPI will include:
- all the data currently published in the food price index
- all the data currently published in rental price indexes
- new monthly data for the alcoholic beverages and tobacco group, backdated to June 2011
- new monthly data for petrol and diesel (without fuel discounts) backdated to June 2011
- new monthly data for domestic and international airfares backdated to June 2015
- new monthly data for accommodation services backdated to June 2017.
The first SPI will be released on 14 November.