News Column

A century of prices measured by Statistics NZ

July 16, 2014



Statistics Minister Nicky Wagner today acknowledged a century of measuring prices by Statistics New Zealand.

The Consumers Price Index (CPI) has measured the rate of price change of goods and services purchased by individuals and families since 1914.

"The role of the CPI in New Zealand society cannot be underestimated, as movements in it influence interest rates, welfare benefits and superannuation payments," Ms Wagner says.

In the past 100 years the items measured have changed to reflect taste, lifestyle and income changes of households. The basket of goods measured has increased from about 65 in 1914 to more than 700 today.

"At the start they were looking at things like a hundred-weight sack of coal, tinned herrings and laundry 'blue'.

"Some of the other things no longer measured include offal, telegrams and LP records, while recent additions are frozen chicken nuggets, flat bread, tablet computers and e-books," Ms Wagner says.

More information on the Consumers Price Index and how it has changed is available on the Statistics New Zealand website.

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Source: M2 PressWIRE


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