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Australia Q3 Inflation +1.2% On Quarter

By RTTNews Staff Writer   ✉  | Published:  | Google News Follow Us  | Join Us
rttnewslogo20mar2024

Consumer prices in Australia climbed 1.2 percent in the third quarter of 2013 compared to the previous three months, the Australian Bureau of Statistics said on Wednesday.

That was higher than forecasts for an increase of 0.8 percent following the 0.4 percent gain in the second quarter.

The most significant price rises this quarter were for automotive fuel (up 7.6 percent), international holiday travel and accommodation (6.1 percent), electricity (4.4 percent), property rates and charges (7.9 percent), water and sewerage (9.9 percent) and domestic holiday travel and accommodation (3.5 percent).

The most significant offsetting price fall this quarter was for vegetables (down 4.5 percent).

By individual component, prices for transportation were up 2.4 percent on quarter, followed by housing (2.0 percent), recreation (1.9 percent), clothing (1.1 percent), alcohol (0.9 percent) and insurance (0.4 percent).

On a yearly basis, consumer prices were up 2.2 percent - also exceeding expectations for 1.8 percent after gaining 2.4 percent in the previous three months.

By individual component, prices for education jumped 5.6 percent on year, followed by health (4.1 percent), housing and alcohol (4.0 percent each), transportation (2.7 percent) and communications (1.8 percent).

The Reserve Bank of Australia's trimmed mean was up 0.7 percent on quarter - topping forecasts for 0.6 percent, which would have been unchanged from the previous quarter following a revision from 0.5 percent.

On year, the trimmed mean was up 2.3 percent - beating expectations for 2.1 percent and unchanged from Q2 following an upward revision from 2.2 percent.

The RBA's weighted median was up 0.6 percent - in line with expectations and unchanged from the previous three months following a downward revision from 0.7 percent.

On year, the weighted median was up 2.3 percent - also matching forecasts and down from the revised 2.5 percent in Q2 (originally reported as 2.6 percent).

Also on Wednesday:

• The Conference Board's leading index was down 0.2 percent on month in August, following the downwardly revised 0.2 percent increase in July (originally 0.3 percent).

Declines in the money supply and building approvals categories offset gains in the yield spread, sales-to-inventories ratio and stock prices, the board said.

The coincident index added 0.1 percent on month. The coincident index, which measures current economic activity, saw increases in two of its four components. The Board also revised declines in the coincident index for the previous two months to "no change."

• The number of skilled job vacancies in Australia was up 0.5 percent on month in September, the DEWR said.

That followed the upwardly revised 0.6 percent increase in August - which was originally reported as 0.3 percent.

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