Financial News: Australia Inflation Rises Unexpectedly In April

Australia Inflation Rises Unexpectedly In April

05/29/2024 - 02:11:00 (RTTNews)

(RTTNews) - Australia's consumer price inflation rose unexpectedly in April driven by food and housing costs, data published by the Australian Bureau of Statistics showed on Wednesday.

The consumer price index climbed 3.6 percent year-on-year, faster than the 3.5 percent increase in March. Inflation was forecast to ease to 3.4 percent in April. "Inflation has been relatively stable over the past five months, although this is the second month in a row where annual inflation has had a small increase," ABS head of prices statistics Michelle Marquardt said.

Housing, food and non-alcoholic beverages, alcohol and tobacco and transport prices contributed the most to the April inflation.

The monthly CPI indicator excluding volatile items and holiday travel remained unchanged at 4.1 percent in April.

Capital Economics' economist Marcel Thieliant said stalling disinflation means rates will remain higher for longer. The economist said the bank will not start easing policy until next year.

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