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Financial News: Australia Producer Prices Add 0.9% On Quarter In

Australia Producer Prices Add 0.9% On Quarter In Q4

02/01/2024 - 20:33:00 (RTTNews)

(RTTNews) - Producer prices in Australia were up 0.9 percent on quarter in the fourth quarter of 2023, the Australian Bureau of Statistics said on Friday.

That was shy of expectations for an increase of 1.9 percent following the 1.8 percent gain in the previous three months.

On a yearly basis, producer prices climbed 4.1 percent, roughly in line with forecasts and up from 3.8 percent in the third quarter.

Contributing to the results: . Output of building construction (+1.9 percent), due to ongoing skilled labor shortages and increases in margins to mitigate against risk of resource availability over longer-term projects. . Motor vehicle and motor vehicle part manufacturing (+2.4 percent), due to increases in import prices and increased manufacturing costs over the past year. . Output of heavy and civil engineering construction (+0.6 percent), due to ongoing skilled labor shortages and increases in operating costs of machinery.

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