In the third quarter, consumer prices rose 1.4% over the previous quarter, which was above both the 0.5% increase recorded in the second quarter and market expectations of a 1.0% increase. The reading was driven by higher prices for housing as well as for healthcare. Moreover, the third quarter reading likely reflects the effects on consumer prices of the carbon-tax scheme in place since July, although the Australian Bureau of Statistics (ABS) stated that it was not able to quantify the overall impact of the measure. As a result of the quarterly increase, annual inflation picked up from 1.2% in the second quarter to 2.0% in the third, reverting the downward trend in place since the second quarter of 2011. In contrast, annual average inflation fell to 2.0% in Q3, down from 2.3% in the previous three-month period and marking its lowest level in more than two years.
Inflation picks up in Q3
October 24, 2012
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Australia Inflation Chart
Note: Year-on-year and quarter-on-quarter variation of consumer price index in %.
Source: Australian Bureau of Statistics.
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.