The CGPI was up 3.1 percent in the year to June 2008 quarter and 1.0 percent in the June 2008 quarter.  Driving the CGPI up was the higher cost for printing machinery and parts, which saw the plant, machinery and equipment index rise 1.5 percent on the quarter and 2.2 percent on the year.

Also driving the CGPI up was the residential buildings index, which was up 0.8 percent on the quarter, and 4.4 percent on the year.  On a positive note, the 4.4 percent annual increase was the lowest since the September 2003 quarter.

All CGPI asset groups were up on the quarter.  Other construction was up 1.5 percent on the quarter and 4.9 percent on the year.  Non-residential buildings was up 0.6 percent on the quarter and 2.8 percent on the year.  Land improvement was up 3.8 percent on the quarter and 10.9 percent on the year.  Transport equipment was up 0.4 percent on the quarter, but was the only industry where annual prices declined, down 0.1 percent.

The quarterly and annual increases in the land improvement index were the largest since the series began.  Driving up prices were increased supplier's prices in chemicals for land clearing, and in wire for fencing.

A lower exchange rate impacted on prices this quarter.  Compared to the previous quarter,  the NZ$ was down 3.5 percent against the US$; 7.3 percent against the A$ and 8.7 percent against the euro.

Detailed statistics on the CGPI can be found on the Statistics New Zealand website here.