CPI revised due to calculation error

New Zealand consumer prices rose less sharply than previously stated in the March quarter due to a calculation error, Statistics New Zealand said today.

The Consumer Price Index rose 0.6 per cent in the first quarter, down from a previously stated 0.7 per cent, the government statistician said in a release. The annual rate was revised to 3.3 per cent from 3.4 per cent.

Statistics NZ said the error arose in calculating the effect of subsidies provided to child care providers following recent changes in government policy.

- REUTERS