Report

Consumers price index review: 2014

8 Oct 2014
Description

This paper includes details of changes to the CPI basket of representative goods and services, the new CPI expenditure weights and an analysis of the main changes in weights.

Summary

  • We added 15 items to the CPI basket and removed 12.
  • The CPI’s scope has been extended to include purchases of pets.
  • Housing and household utilities, and miscellaneous goods and services had the biggest increases in weight. The weights for recreation and culture, household contents and services, communication, education, food, and alcoholic beverages and tobacco also increased.
  • Increases were influenced by higher spending on restaurant meals and ready-to-eat foods, cigarettes and tobacco (due to higher prices), rent, furniture and furnishings, and insurance.
  • Health had the biggest decrease in weight. The weights for clothing and footwear, and transport also decreased.
  • The decrease in the relative weight for health was influenced by a refinement to our method for calculating out-patient services – to exclude more non-household income from industry income information.
  • We reviewed the methods we use to calculate weights for construction of new dwellings (part of home ownership), and dwelling and contents insurance, to ensure we account for effects from the 2010/11 Canterbury earthquakes appropriately. No major changes were made to construction. However, we did change the method we use for dwelling and contents insurance.
Publication Details
Published year only: 
2014
6
Share
Share
Subject Areas
Geographic Coverage
Advertisement