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Australian CPI rose by 0.5%

Wednesday, Apr 26 2017
Australian CPI rose by 0.5%

The annual rate of inflation has crept above two per cent for the first time in two years but won't have the Reserve Bank reaching for interest rate hike lever anytime soon with question marks remaining over the strength of the labour market. New figures showed the consumer price index rising 0.5 per cent in the March quarter, a slightly smaller increase than most economists had been expecting.

The most significant price rises in the quarter were for petrol (up 5.7 per cent) and electricity (up 2.5 per cent) but this was partly offset by a 6.7 per cent drop in fruit prices. It lifted the annual CPI rate to 2.1 per cent, and just inside the Reserve Bank's two to three per cent target band. Underlying measures of inflation, which smooth out volatile price swings and are key to interest rate decisions, averaged just over 0.4 per cent growth in the quarter for an annual rate of 1.8 per cent.

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