May 19, 2020

Airbnb, olives and body massages added to NZ Consumer Price Index

Uber
Airbnb
Stats NZ
Consumer Price Index
Addie Thomes
2 min
Airbnb, olives and body massages added to NZ Consumer Price Index

Stats NZ has updated its Consumer Price Index (CPI) to reflect what modern New Zealanders are spending their money on.

The CPI, a basket of typical goods and services bought by consumers, is updated every three years and based on surveys carried out by Stats NZ.

New items featuring in the basket include olives, craft beer and bicycle helmets, while Uber fares, Airbnb rents and body massages are among the new services added.

RELATED STORIES:

Also featuring for the first time are smartphone accessories and clothing alterations, but sewing machines are out.

Other items and services to be expelled from the CPI include DVD players, DVD rental, MP3 players, in-car satnavs, external computer drivers, cottage cheese, luncheon meat and prams.

Stats NZ’s Prices Senior Manager Jason Attewell said: “People are changing what they buy to keep up with changes in technology, and as a result, we’re removing several items from the CPI basket. These items are still available to buy, but New Zealanders just don’t spend as much on them.

“We’re introducing the sharing economy to the CPI to keep it relevant for New Zealand. People don’t have as much time to do things themselves, and are prepared to pay others to do jobs for them.”

The New Zealand CPI has been compiled and updated for more than 100 years, reflecting Kiwi consumer habits over time. For instance, early victims to be culled from the basket include tapioca in 1914, candles in 1949 and powder puff in 1955.

More recent removals include mops in 1974, men’s pyjamas in 2002 and swimming pools in 2006. Among the standout more recent additions include pets, cider and frozen prawns, all added to the CPI basket in 2016.

Share article

Jun 8, 2021

Timeline: India takes unicorn leap with six in five days

India
Unicorns
Startups
tech
Kate Birch
2 min
We chart an historic week in India’s startup tech industry, where from April 5-9 the country achieved six unicorns

We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.

April 5: Meesho

India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.

April 6: CRED

Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.

April 7: API Holdings / Groww

The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.

April 8: ShareChat

New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.

April 9: Gupshup

AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels. 

 

Share article