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Category: Economic Trends / Money and Monetary Policy

Inflation rises in September but remains below Reserve Bank target

Wednesday, 26 Oct 2016 08:40:56 | Michael Janda

Fruit and vegetable prices jumped on the back of weather-related supply disruptions.

Consumer prices rose 0.7 per cent in the September quarter, with fruit, vegetables, electricity and tobacco the main reasons for increased inflation.

The quarterly price rise still left annual headline inflation at an anaemic 1.3 per cent, according to the Bureau of Statistics.

The average of the Reserve Bank's two preferred measures, which exclude the most volatile price moves, was 1.5 per cent, still well below its 2-3 per cent inflation target.

However, the result was roughly in line with both RBA and market economist expectations, meaning that a further interest rate cut this year looks unlikely.

That sent the Australian dollar around half a cent higher on the release to 77.05 US cents by 11:39am (AEDT).

More to come.

AustraliaPlus


 

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