Statistics New Zealand released its output and input producer price index (PPI) data on the late Tuesday evening. New Zealand's input PPI slid 1.0% in the first quarter, after a 1.2% fall in the fourth quarter.

"The petroleum and coal product manufacturing industry makes a broad range of fuel products, including petrol, diesel, and aviation fuel," business prices manager Sarah Williams said.

Output PPI fell 0.2% in the first quarter, after a 0.8% decline in the fourth quarter.

Prices received by petroleum and coal product manufacturers plunged 22% in the first quarter. Prices paid by petroleum and coal product manufacturers slid 18%.