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Financial News: Australia Q1 Import Prices Rise Unexpectedly

Australia Q1 Import Prices Rise Unexpectedly

04/27/2017 - 00:25:00 (RTTNews)

(RTTNews) - Australia's import prices increased unexpectedly in the three months ended March, figures from the Australian Bureau of Statistics showed Thursday.

The import price index climbed 1.2 percent over the quarter, following a 0.2 percent slight rise in the fourth quarter of 2016. It was the second consecutive quarterly increase.

Meanwhile, economists had expected a 0.5 percent drop for the first quarter.

During the period, the rise was driven by higher prices received for Mineral fuels, lubricants, and related materials and chemical and related products, the agency said.

On a yearly basis, imports prices fell at a slower rate of 0.6 percent in the March quarter, after a 4.6 percent decline in the December quarter.

Data also revealed that export prices grew 9.4 percent quarterly in the first quarter, exceeding economists' expectations for an increase of 8.0 percent. As compared to the corresponding period last year, the index jumped by 29.1 percent.

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