Australian CPI missed market forecasts

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Wednesday, Oct 25 2017

Australian CPI missed market forecasts

Australia’s September quarter consumer price inflation (CPI) report has come in well below expectations, scuppering any talk of a near-term interest rate increase from the Reserve Bank of Australia (RBA). According to the Australian Bureau of Statistics (ABS), headline CPI rose by 0.6% over the September quarter, leaving the change on a year earlier at 1.8%. Economists were looking for an increase of 0.8%, seeing the year-on-year rate tick up from 1.9% to 2%. The quarterly increase was driven by higher utility, tobacco, and travel prices, offsetting weakness in vegetable, fuel and telecommunication costs.

“Utilities prices rose strongly in the September quarter 2017,” said Bruce Hockman, Chief Economist for the ABS. The most significant rises relate to electricity and gas prices, with increases in wholesale prices being passed on to consumers. Increases in wholesale prices have been observed across the National Electricity Market (NEM), with the most significant rises this quarter in electricity being observed in Adelaide, Sydney, Canberra and Perth.

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