Series
Farm Expenses Price Index
en-NZFEPI, Farm Inputs Price Index, (FIPI)
en-NZThe 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 types that align with the New Zealand Standard Industrial Output Categories (NZSIOC):
- Sheep, beef, and grain farms (from the December 2013 quarter)
- Dairy farms
- Horticultural and fruit growing farms
- Poultry, deer, and other livestock farms (from the December 2013 quarter)
Two additional farm types: -Sheep and beef farms -Cropping and other farming.
For each farm type we publish specific indexes for specific categories of farm expenditure.
The categories for all farm indexes are:
- Administration
- Animal health and breeding
- Dairy shed expenses
- Electricity
- Grazing, cultivation, harvest, and purchase of animal feed
- Fertiliser
- Lime
- Seeds
- Freight
- Fuel
- Insurance premiums
- Rent and hire
- Repairs, maintenance, and motor vehicle repairs
- Packaging costs
- Shearing
- Weed and pest control
- Miscellaneous expenses
- Subtotal excluding livestock (excludes livestock, interest rates, wages and salaries, and local and central government rates and fees)
- Subtotal including livestock (excludes interest rates, wages and salaries, and local and central government rates and fees)
- Livestock purchases
- Local and central government rates and fees
- Interest rates
- Wages and salaries
- All inputs excluding livestock
- All inputs including livestock
Capital expenditure and depreciation are not covered. (For price indexes of capital expenditure, refer to the Capital Goods Price Index.) The FEPI is published quarterly, as part of the Producers Price Index publication.
en-NZThe 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.
en-NZ
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.
4 Annual
• Primary sector organisations, • Government agencies, • Private sector economists.
Related Documentation
|
Producers Price Index en-NZ |
|
|
Supply and use tables en-NZ |
|
|
Capital Goods Price Index en-NZ |
|
|
Gross Domestic Product en-NZ |
Coverage
Farm Expenses Price Index
Methodology
Many of the prices collected for the Farm Expenses Price Index are also used in the Producers Price Index (PPI). The PPI is calculated quarterly from price quotes, which are collected mainly by the Commodity Price Survey. For the PPI, approximately 10,000 individual commodity items are surveyed from about 2,200 respondents. Prices are generally collected each quarter with the price at the 15th of the middle month of the quarter being measured. Prices may be obtained weekly, monthly , or annually depending on the nature of the item. Some commodities are not directly priced but are derived from other data sources. For example revenue and volume data is sometimes used to calculate unit prices. Some prices are not available at the time of price collection so a small number of prices are imputed each quarter. This is often done by carrying forward the previous quarter’s price. Other imputation is done by applying the price movements of similar categories of items. Other sources of price data used in the Farm Expenses Price Index and PPI include prices collected for the Consumers Price Index, Labour Cost Index , and Overseas Trade Index. Publicly available data is also used, including prices published in regular publications and online.
en-NZ