Australia: Inflation picks up in Q3
October 26, 2016
In the third quarter of 2016, consumer prices rose 0.7% over the previous quarter, surpassing market analysts’ expectations of a 0.5% increase and Q2’s 0.4% rise. The Australian Bureau of Statistics elaborated that higher prices for housing, alcohol and tobacco, as well as for food and non-alcoholic beverages registered the most significant increases in Q3. These increases were partially offset by lower prices for communication, transport and health.
Inflation came in at 1.3% in Q3, up from 1.0% in Q2, which had marked a 17-year low. Meanwhile, annual average inflation inched down from 1.4% in Q2 to 1.3% in Q3, below the Reserve Bank of Australia’s inflation target of 2.0%–3.0%.
Author: Christopher Mc Innes, Economist