New Zealand's producer prices increase

Producer prices increased more in the year ended September 2021 than in any other year for more than a decade, New Zealand's statistics department Stats NZ said on Wednesday.

In the year ended September 2021, prices received by producers increased 6.2 percent, and prices paid by producers increased 7 percent.

The increases in prices received and paid by producers in the year ended September 2021 are the largest increases since the years ended March 2009 and December 2008 respectively, business prices delivery manager James Mitchell said in a statement.

In the September 2021 quarter, prices received by producers increased 1.8 percent, and prices paid by producers increased 1.6 percent, Mitchell said.

The overall change in prices paid by producers was influenced by increases in the dairy product manufacturing industry as raw-milk prices increased, he said.

"Prices paid and received by producers in dairy industries are linked. Raw milk is not only an output for farmers but is also an input for producers of dairy products for final consumption," Mitchell said.

The overall increases in prices received and paid by producers were somewhat offset by falls in prices in the electricity and gas supply industry, he added.