| Actual | Previous | |
| Quarter over Quarter | 1.6% | 0.8% |
| Year over Year | 3.2% | 2.2% |
Highlights
New Zealand producer output prices rose 1.6 percent on the quarter in the three months to June after advancing 0.68 percent in the three months to March, with year-over-year growth accelerating from 2.2 percent to 3.2 percent. This increase in headline producer price inflation was largely driven by stronger prices, up 3.8 percent on the year after a previous increase of 1.5 percent. Construction and wholesale trade sector prices also recorded stronger growth.
Input prices also rose at a faster pace, up 4.1 percent on the year after a previous increase of 1.8 percent. This was largely driven by higher fuel prices, reflecting the impact of the Iran conflict. Officials at the Reserve bank of New Zealand cited this impact when it raised policy rates last month and expressed uncertainty about the near-term outlook for inflation.