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Financial News: Australia Inflation Rises More Than Expected

Australia Inflation Rises More Than Expected

07/31/2019 - 00:28:00 (RTTNews)

(RTTNews) - Australia's consumer price inflation rose at a faster-than-expected rate in the second quarter on higher fuel prices, data from the Australian Bureau of Statistics showed on Wednesday.

On a quarterly basis, consumer prices gained 0.6 percent in June quarter, after remaining unchanged in the preceding quarter. Economists had expected a 0.5 percent increase.

Prices in automotive fuel rose by 10.2 percent and those of international holiday travel and accommodation rose by 2.7 percent. Prices of medical and hospital services and tobacco grew by 2.6 percent and 2.4 percent, respectively.

The consumer price index rose 1.6 percent year-on-year in second quarter, following a 1.3 percent increase in the previous quarter. Economists had expected a 1.5 percent rise.

A report from the Reserve Bank of Australia showed that private sector credit gained 0.1 percent on month in June, the same pace of increase as seen in May. Annually, the growth in private sector credit slowed to 3.3 percent from 3.6 percent.

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