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Financial News: Australia PPI Expands 1.1% On Quarter In Q3

Australia PPI Expands 1.1% On Quarter In Q3

10/28/2021 - 21:00:00 (RTTNews)

(RTTNews) - Final demand producer prices in Australia were up 1.1 percent on quarter in the third quarter of 2021, the Australian Bureau of Statistics said on Friday - up from 0.7 percent on quarter in the previous three months.

On a yearly basis, producer prices climbed 2.9 percent, up from 2.2 percent in the three months prior.

Major contributors to growth were: . Heavy and civil engineering construction (+2.1 percent), due to rises in wages and materials supported by increased public sector investment stimulus. . Output of building construction (+2.2 percent), due to builders continuing to pass through increases in material and trade prices, supported by continued strong demand for housing. . Petroleum refining and petroleum fuel manufacturing (+11.8 percent), due to rising global crude oil demand and delays in OPEC+ oil agreement to raise production.

Offsetting the rise were price falls in accommodation services (-5.5 percent), due to decreased domestic travel demand, resulting from COVID-19 restrictions and border closures throughout the quarter.

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