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Australia CPI +2.2% On Year In Q4

Australia CPI +2.2% On Year In Q4
1/22/2013 8:49 PM ET

Consumer prices in Australia were up 2.2 percent on year in the fourth quarter of 2012, the Australian Bureau of Statistics said on Wednesday.

That was shy of forecasts for an increase of 2.4 percent after rising 2.0 percent in the previous three months.

Among the individual components, food prices were up 0.3 percent on year, while alcohol and tobacco was up 3.5 percent, clothing was up 0.6 percent, housing jumped 4.4 percent, furniture was up 0.8 percent, health care surged 7.7 percent, transportation was up 2.0 percent, communications was up 1.6 percent, recreation was down 1.7 percent, education jumped 6.1 percent and financial services gained 3.1 percent.

On quarter, prices were up 0.2 percent - also below expectations for an increase of 0.4 percent after climbing 1.4 percent in the third quarter.

Among the individual components, food prices dipped 0.1 percent on quarter, while alcohol and tobacco was up 0.2 percent, clothing jumped 0.8 percent, housing was up 0.2 percent, furniture dropped 0.6 percent, health care was down 0.9 percent, transportation was up 0.7 percent, communications was up 1.3 percent, recreation was up 0.6 percent, education was flat and financial services gained 1.5 percent.

The most significant price rises in Q4 were for domestic holiday travel and accommodation (up 6.2 percent), automotive fuel (up 2.6 percent) and rents (up 0.8 percent).

The most significant offsetting price falls were for vegetables (down 5.7 percent), audio, visual and computing equipment (down 4.3 percent) and pharmaceutical products (down 3.5 percent).

The Reserve Bank of Australia's trimmed mean came in at 0.6 percent on quarter versus forecasts for 0.7 percent - which would have been unchanged from the previous quarter. On year, the trimmed mean was up 2.3 percent - again shy of expectations for 2.4 percent, which also would have been unchanged.

The RBA's weighted median was up 0.5 percent on quarter - missing forecasts for 0.6 percent after adding 0.8 percent in Q3. On year, the median gained 2.3 percent - below forecasts for 2.4 percent after rising 2.6 percent in the previous three months.

by RTT Staff Writer

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