Australian fourth quarter consumer price inflation data out today was a relatively low 0.4 per cent — with a few huge disclaimers.First, food prices were up a notable 2.2 per cent.
Second, fruit prices were up an alarming 15.5 per cent and vegetables were up 11.4 per cent.
Third, these numbers don’t even include the impact of the enormous Queensland flood. Australia Federal Treasurer Wayne Swan warns: “Despite the fact that these figures are lower than anticipated we do know that the next quarter figure, the March quarter, will see a spike, particularly in vegetable and fruit prices.”
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