New Zealand PPI input jumped 2.1% qoq in Q1, versus expectation of 0.0% qoq. PPI output rose 1.2% qoq, above expectation of 0.0% qoq. The largest output industry contributions were from electricity and gas supply, which was up 17.4%. Petroleum and coal product manufacturing rose 12.2%. daily cattle farming rose 5.1%.
The largest input industry contributions were from electricity and gas supply, which was up 28.7%. Dairy production manufacturing rose 4.7%. Petroleum and coal product manufacturing rose 9.3%.
“Lower lake levels in the South Island have driven up wholesale prices for electricity generation, while an unexpected fall in production at the Pohokura gas field has seen gas supply prices also increase,” business prices delivery manager Bryan Downes said. “The quarterly price change is the largest since 2018 but is nowhere near the magnitude seen in the 2008 power crisis.”
