Australian inflation is on the rise, with consumer prices rising 1.3 percent through the year to the third quarter of 2016 from 1.0 percent in the previous three month period and above market consensus of a 1.1 percent.
The biggest upward pressure came from food and non-alcoholic beverages (+1.5 percent from -0.1 percent in the June quarter) as floods affected supply of vegetables. Cost also grew at a faster face for: housing, clothing and footwear, furnishing, household equipment and services, and insurance and financial services. In contrast, prices continued to decline for transport and communication.
On a quarterly basis, consumer prices went up 0.7 percent, following a 0.4 percent rise in the June quarter while market expected a 0.5 percent increase. It was the highest figure since the June quarter 2015. Inflation Rate in Australia averaged 5.10 percent from 1951 until 2016, reaching an all-time high of 23.90 percent in the fourth quarter of 1951 and a record low of -1.30 percent in the second quarter of 1962.
Inflation Rate in Australia is reported by the Australian Bureau of Statistics.
