Australian CPI Is Up 0.4% For The June Quarter, Putting Annual Inflation At 2.4%

The Australian consumer price index rose 0.4% in the three months to June, slightly below market expectations of 0.5%.

That means that annual inflation was 2.4% in the 12 months to June, which is within the Reserve Bank’s target band of 2-3%.

The AUD spiked up to $US0.9316 in the minutes after the ABS released CPI figures, before crashing down to $US0.9254 at about 11.45am. China’s PMI data also came out at about that time.

The most significant price rises this quarter were for medical and hospital services (+3.4%), tobacco (+3.0%), new dwelling purchase by owner–occupiers (0.9%), furniture (+4.8%) and rents (+1.1%).

The most significant price falls were for domestic holiday travel and accommodation (–4.0%) and automotive fuel (–3.1%), although fuel prices have been on the rise this month.

Annual inflation was 2.5% in the year to March.

There’s more data on the ABS.

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