Farm Expenses Price Index

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Abstract

The Farm Expenses Price Index (FEPI) measures changes to the prices of items purchased by New Zealand farmers. The Farm Expenses Price Index includes four farm type indexes:

  • Sheep and beef farms
  • Dairy farms
  • Horticultural farms
  • Cropping and other farms

Within each farm type we publish the following expenditure indexes:

  • Administration
  • Animal health and breeding
  • Dairy shed expenses (Dairy farms index only)
  • Electricity
  • Feed, grazing, cultivation, and harvesting
  • Fertiliser, lime, and seeds
  • Freight
  • Fuel
  • Insurance premiums
  • Miscellaneous expenses (Dairy farms index only)
  • Rent and hire
  • Repairs, maintenance, and motor vehicle repairs
  • Packaging costs (Horticultural farms, and Cropping and other farms only)
  • Shearing (Sheep and beef, and Cropping and other farms only)
  • Weed and pest control
  • Livestock purchases
  • Local and central government rates and fees
  • Interest rates
  • Wages and salaries

Capital expenditure and depreciation are not covered. (For price indexes of capital expenditure, refer to the C apital G oods P rice I ndex.) The FEPI is published in the March quarter of each year only, as part of the Producers Price Index publication. However, quarterly indexes for all of the expenditure indexes except for local and central government rates and fees, interest rates, and wages and salaries are available in infoshare.

The FEPI is currently under review as a part of the Business Price Index rolling review. This includes review of the prices, weights, and expenditure categories published in the FEPI.

Purpose

The Farm Expenses Price Index (FEPI) is an indicator of changes in prices faced by the farming sector, and is used in economic analysis, policy development, deflation and forecasting. The FEPI is also used to calculate constant price intermediate consumption in the Agriculture, forestry and fishing industry for the National Accounts.

Citation Information

Title

Farm Expenses Price Index

Alternate Title

FEPI, Farm Inputs Price Index, (FIPI)

Coverage Information

Temporal Coverage

  • 1971 to present

Topical Coverage

  • Farm Expenses Price Index
  • Business Price Index
  • Producers Price Index
  • Gross Domestic Product
  • Supply and use tables
  • Price Indexes
  • Horticulture
  • Fruit
  • Dairy
  • Sheep
  • Beef
  • Grain
  • Poultry
  • Deer
  • Other Livestock

Significant events impacting this study series

Statistics New Zealand has been preparing farming sector price indexes since 1971. However, over time the titles and coverage of these series have been revised.

1969 Work commenced on a quarterly Farming Costs Price Index series to measure price changes of inputs to the farming industry.

March 1973 The Sheep Farming Costs Price Index was first published.

July 1973 The Dairy Farming Costs Price Index was first published.

March 1974 The All Farming Costs Price Index was first published.

August 1981 Work commenced on the revision of the above indexes in conjunction with the revision of the PPI Agriculture Industry Group.

May 1983 The quarterly Farming Inputs Price Index (FIPI) replaced the Farming Costs Price Index from the March 1983 quarter. The range of farm-types covered was extended from three to five.

November/December 1984 A description of the Farming Inputs Price Index was published in the Monthly Abstract of Statistics.

May 1991 The new half-yearly Farm Inputs Price Index was released. The quarterly Farming Inputs Price Index was renamed the Farm Expenses Price Index in order to better distinguish it from the half-yearly series.

December 1992 The Farm Expenses Price Index was redeveloped and rebased to the December 1992 quarter (=1000).

1993 FIPI was discontinued from the December 1993 half year and has since been incorporated into the Farm Expenses Price Index.

Revision of Interest: The Interest sub-series have been revised back to the December 1992 quarter base using a new methodology consistent with that adopted for the Consumers Price Index. The new methodology measures interest charges on fixed dollar values of farm liability. The Interest sub-series therefore reflect only movements in nominal interest rates with no adjustment for changes in farmland or farm asset prices.

Revision of All Inputs Indexes: The revision of the Interest sub-series back to the December 1992 quarter necessitated the recalculation of indexes for All Inputs Excluding Livestock and All Inputs Including Livestock.

Revision of Electricity Index: For the March 1997 quarter of the Farm Expenses Price Index, the electricity sub-index for all farm types was revised.

Frequency

4 Annual

Main users of the data

• Primary sector organisations, • Government agencies, • Private sector economists.

Revision Information

Currently viewing revision 59 by on 8/08/2013 11:09:41 p.m.

Revision 59 *
15/03/2015 11:28:45 p.m.

Identifiers

DDI Agency
nz.govt.stats
DDI Id
76d10f1b-03fe-48b2-be3d-cd1aeeb5b0cc
DDI Version
59

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