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Financial News: Australia Q3 CPI Climbs 0.6% On Quarter

Australia Q3 CPI Climbs 0.6% On Quarter

10/24/2017 - 21:30:00 (RTTNews)

(RTTNews) - Inflation in Australia was up 0.6 percent on quarter in the third quarter of 2017, the Australian Bureau of Statistics said on Wednesday.

That was shy of expectations for a gain of 0.8 percent but was up from 0.2 percent in the three months prior.

On a yearly basis, consumer prices advanced 1.8 percent - unchanged from the second quarter but missing forecasts for 2.0 percent.

"Utilities prices rose strongly in the September quarter 2017. The most significant rises relate to electricity and gas prices, with increases in wholesale prices being passed on to consumers," said ABS Chief Economist Bruce Hockman.

The most significant price rises this quarter are electricity (+8.9 percent), tobacco (+4.1 percent), international holiday travel and accommodation (+4.1 percent) and new dwelling purchase by owner-occupiers (+0.8 percent).

The most significant offsetting price falls this quarter are vegetables (-10.9 percent), automotive fuel (-2.3 percent) and telecommunication equipment and services (-1.5 percent).

The Reserve Bank of Australia's weighted median added 0.3 percent on quarter - missing expectations for 0.5 percent, which would have been unchanged from Q2.

On a yearly basis, the median came in at 1.9 percent - again shy of forecasts for 2.0 percent but up from 1.8 percent in the previous three months.

The trimmed mean gained 0.4 percent on quarter, missing forecasts for 0.5 percent - which would have been unchanged.

On a yearly basis, the median gained 1.8 percent - unchanged but missing forecasts for 2.0 percent.

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