In the third quarter, consumer prices added 0.6%, which was below the 0.9% rise recorded in the previous quarter but matched market expectations. The main drivers behind the quarterly increase were higher prices for housing (+1.9% quarter-on-quarter), as well as for clothing and footwear (+1.5% qoq). Annual headline inflation inched down from 3.6% in the second quarter to 3.5%. Despite the moderation in the annual figures, annual average inflation inched up from 3.1% in the second quarter to 3.3% in the third. In its November Statement on Monetary Policy, the Reserve Bank of Australia (RBA) sees inflation ending this year and next at 3.25%. In addition, the RBA maintains a medium-term annual average inflation target of 2.0% - 3.0%.
Inflation eases in third quarter
October 28, 2011
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Australia Economic News
October 12, 2016
The Westpac-Melbourne Institute Survey of Consumer Sentiment increased 1.1% in October as the index rose from September’s 101.4 to 102.4.
October 11, 2016
The business confidence index published by the National Australia Bank (NAB) was stable in September at August’s 6 points.
October 5, 2016
Nominal retail sales inched up 0.4% in August from the previous month in seasonally-adjusted terms, up from July’s flat reading.
October 4, 2016
At its 4 October monetary policy meeting, the Reserve Bank of Australia (RBA) kept its policy rate steady at an all-time low of 1.50% after cutting its rate by 25 basis points twice this year, once in May and once in August.
September 15, 2016
The labor market lost 3,900 net new jobs in August compared to the previous month in seasonally-adjusted terms.