Financial News: Australia Producer Prices Climb 0.9% In Q3

Australia Producer Prices Climb 0.9% In Q3

10/31/2024 - 21:01:00 (RTTNews)

(RTTNews) - Producer prices in Australia were up 0.9 percent on quarter in the third quarter of 2024, the Australian Bureau of Statistics said on Friday.

That exceeded expectations for an increase of 0.7 percent, although it eased 0.1.0 percent in the three months prior.

On a yearly basis, producer prices climbed 3.9 percent - roughly in line with forecasts and down from 4.8 percent in the previous three months.

Final demand increased 0.9 percent this quarter primarily driven by property operators (+1.9 percent) and residential building construction (+0.9 percent). Property operator prices rose driven by higher fees linked to increased rents as demand continues to outweigh supply. Building construction prices rose as the labor market remains tight.

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