Australia: Inflation resurfaces in Q3
In the third quarter of 2020, consumer prices jumped 1.6% over the previous quarter swinging from a 1.9% dive in Q2—which had marked the sharpest drop on record. Q3’s rebound was mainly the result of soaring prices for furnishings, household equipment and services, and of higher prices for education and transport.
Annual inflation came in at 0.7% in Q3 contrasting Q2’s 0.4% drop in consumer prices—which had marked the lowest reading since Q3 1997. Therefore, inflation got closer to the Reserve Bank’s 2.0%–3.0% target band.