In the second quarter, consumer prices added 0.9% over Q1. The price increase was below the 1.6% rise recorded in the previous quarter but overshot market expectations, which had seen prices adding 0.7%. The main drivers behind the quarterly increase were higher prices for clothing and footwear (+2.5% quarter-on-quarter) and for healthcare (+2.0% qoq). Annual headline inflation rose from 3.3% in the first quarter to 3.6%, the highest level since Q4 2008. As a consequence, annual average inflation inched up from 3.0% in the first quarter to 3.1% in the second. Monetary authorities currently expect inflation to end the year at 3.25% and maintain a medium-term annual average inflation target of 2.0% - 3.0%.
Inflation rises to highest level in more than two years
July 27, 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.