Consumer prices in Australia climbed 0.6 percent on quarter in the fourth quarter of 2017, the Australian Bureau of Statistics said on Wednesday.
That was shy of expectations for 0.7 percent, although it was unchanged from the three months prior.
On a yearly basis, inflation gained 1.9 percent – again missing forecasts for 2.0 percent but up from 1.8 percent in Q3.
The Reserve Bank of Australia’s weighted median was up 0.4 percent on quarter and 2.0 percent on year, while the trimmed mean added 0.4 percent on quarter and 1.8 percent on year.
The most significant price rises this quarter were automotive fuel (+10.4 percent), tobacco (+8.5 percent), domestic holiday travel and accommodation (+6.3 percent) and fruit (+9.3 percent).
These price rises were partially offset by falls in international holiday travel and accommodation (-1.7 percent), audio visual and computing equipment (-3.5 percent) and telecommunication equipment and services (-1.4 percent).
“While the annual CPI rose 1.9 percent, annual inflation in most East Coast cities rose above 2.0 percent, due in part to the strength in prices related to housing,” said Bruce Hockman, Chief Economist for the ABS.
“Softer economic conditions in Darwin and Perth have resulted in annual inflation remaining subdued at 1.0 and 0.8 percent, respectively.”
Also on Wednesday, the Reserve Bank of Australia said that private sector credit in Australia was up 0.3 percent on month in December – shy of expectations for 0.5 percent, which would have been unchanged.
On a yearly basis, credit was up 4.8 percent – again missing forecasts for 5.2 percent and down from 5.4 percent in the previous month.
Housing credit was up 0.4 percent on month and 6.3 percent on year, while personal credit was flat on month and fell 1.1 percent on year and business credit gained 0.2 percent on month and 3.2 percent on year.
Broad money fell 0.6 percent on month and jumped 4.6 percent on year.
The material has been provided by InstaForex Company – www.instaforex.com
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