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Australia Q3 Inflation Climbs 1.3% On Year

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

Consumer prices in Australia advanced 1.3 percent on year in the third quarter of 2016, the Australian Bureau of Statistics said on Wednesday.

That exceeded forecasts for 1.1 percent following the 1.0 percent increase in the previous three months.

On a quarterly basis, inflation jumped 0.7 percent versus forecasts for 0.5 percent and up from 0.4 percent in the three months prior.

The Reserve Bank of Australia's trimmed mean was up 0.4 percent on quarter - in line with expectations and down from 0.5 percent. It was up 1.7 percent on year, unchanged and matching forecasts.

The RBA's weighted median added 0.3 percent on quarter - shy of forecasts for 0.4 percent and down from 0.5 percent. It was up 1.3 percent on year, beneath expectations for 1.4 percent and down from 1.5 percent.

The most significant price rises this quarter are fruit (+19.5 percent), vegetables (+5.9 percent), electricity (+5.4 percent) and tobacco (+2.3 percent).

These rises are partially offset by falls in communication (-2.3 percent) and fuel (-2.9 percent).

The rise in fruit and vegetable prices is due to adverse weather conditions, including floods, in major growing areas, impacting supply, the bureau said.

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