New Zealand in the OECD

Inflation

Inflation, as measured by the Consumers Price Index (CPI), rose in 29 of the 30 OECD countries in 2004. Japan was the only country in the OECD to experience no change between 2003 and 2004. The CPI measures the price change experienced by consumers in purchasing a constant basket of goods and services over time.

The New Zealand CPI saw a slightly larger increase in 2004 (2.3 percent) compared with 2003 (1.7 percent). This still leaves New Zealand below the OECD average which in 2004 had price increases of 2.4 percent, down slightly from 2003 when prices increased 2.5 percent.

Comparative price levels

The table of comparative price levels gives an indication of how prices of consumer goods differ across countries of the OECD. The most expensive countries were Denmark, Switzerland and Norway. The cheapest were Poland, the Slovak Republic and Turkey. New Zealand had the twelfth-lowest overall level of prices in 2004, just below the OECD price level.