Consumer prices in Australia gained 0.2 percent on quarter in the second quarter of 2017, the Australian Bureau of Statistics said on Wednesday.
That was shy of expectations for 0.4 percent and down from 0.5 percent in the three months prior.
On a yearly basis, inflation was up 1.9 percent – also missing expectations for 2.2 percent and down from 2.1 percent in Q1.
The most significant price rises for the quarter were medical and hospital services (+4.1 percent), new dwelling purchase by owner-occupiers (+0.9 percent) and tobacco (+1.0 percent).
These rises are partially offset by falls in domestic holiday travel and accommodation (-3.2 percent) and automotive fuel (-2.5 percent).
"Inflation in Australia remains low. Price falls for automotive fuel; and ongoing competition in the clothing and food retail markets has contributed to this quarter's result," said Bruce Hockman, Chief Economist for the ABS,
The Reserve Bank of Australia's trimmed mean came in at 0.5 percent on quarter – unchanged and matching expectations – and 1.8 percent on year, matching forecasts and down from 1.9 percent in the previous three months.
The RBA's weighted median added 0.5 percent on quarter, in line with expectations and up from 0.4 percent in the three months prior. It was also up 1.8 percent on year, above expectations for 1.7 percent, which would have been unchanged.
by RTT Staff Writer
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