(RTTNews) - The output of New Zealand’s producer prices was down 0.7 percent in the second quarter compared to the previous three months, Statistics New Zealand said on Wednesday.

That was a slightly larger decline than the 0.5 percent quarterly contraction that analysts had been expecting following the 1.4 percent fall in the first quarter.

Input producer prices were unchanged in the second quarter, versus expectations for a 1.0 percent quarterly decline after the 2.5 percent contraction in the previous three months.

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