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Financial News: Australia Inflation Climbs 0.7% On Quarter In Q4

Australia Inflation Climbs 0.7% On Quarter In Q4

01/28/2020 - 20:30:00 (RTTNews)

(RTTNews) - Consumer prices in Australia advanced 0.7 percent on quarter in the fourth quarter of 2019, the Australian Bureau of Statistics said on Wednesday. That beat expectations for a gain of 0.6 percent and was up from 0.5 percent in the three months prior.

On a yearly basis, inflation gained 1.8 percent - also topping forecasts for 1.7 percent, which would have been unchanged from the Q3 reading.

"Drought conditions are impacting prices for a range of food products. Food prices increased 1.3 percent this quarter with price rises for beef and veal (+2.9 percent), pork (+4.7 percent), milk (+1.7 percent) and cheese (+2.4 percent). Both the impact from the drought and lower seasonal supply contributed to price rises for fruit (+6.8 percent) this quarter," ABS Chief Economist, Bruce Hockman said.

The most significant price rises this quarter are tobacco (+8.4 percent), domestic holiday, travel and accommodation (+7.3 percent), automotive fuel (+4.4 percent), and fruit (+6.8 percent).

The most significant price falls this quarter are international holiday, travel and accommodation (-2.9 percent), garments for women (-2.5 percent) and wine (-1.6 percent).

"Annual inflation remains subdued partly due to some price falls for housing related expenses. Through the year to the December 2019 quarter, price falls were recorded for utilities (-1.0 percent) and new dwelling purchase by owner-occupiers (-0.1 percent), while rent price rises remained modest (+0.2 percent)," Hockman said.

The Reserve Bank of Australia's trimmed mean was up 0.4 percent on quarter and 1.6 percent on year - both unchanged from the previous three months.

The RBA's weighted median rose 0.4 percent on quarter and 1.3 percent on year - also unchanged from the third quarter.

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