Statistics New Zealand released its output and input producer price index (PPI) data on the late Wednesday evening. New Zealand's input PPI rose 1.6% in the third quarter, after a 0.3% drop in the second quarter.

Output PPI climbed 1.3% in the third quarter, after a 0.2% fall in the second quarter.

Producer prices were driven by higher meat and farm-gate milk prices.

"Prices were up 10 percent for sheep, beef, and grain farmers. This meant meat product manufacturers had an 8.0 percent rise in their input prices. The prices they received rose 5.5 percent, due to higher meat export prices on the back of a weaker New Zealand dollar," Statistics New Zealand's prices manager Chris Pike said.