Consumer prices in Australia gained 0.5 percent on quarter in the first quarter of 2017, the Australian Bureau of Statistics said on Wednesday.
That was unchanged from the previous three months, although it was shy of forecasts for 0.6 percent.
The most significant price rises this quarter are automotive fuel (+5.7 percent), medical and hospital services (+1.6 percent) and new dwelling purchase by owner-occupiers (+1.0 percent).
These rises are partially offset by falls in Furnishings, household equipment and services (-1.0 percent) and Recreation and culture (-0.7 percent).
On a yearly basis, inflation advanced 2.1 percent – beneath expectations for 2.2 percent but up from 1.5 percent in the three months prior.
Vegetable prices have risen 13.1 percent through the year. Adverse weather conditions in major growing areas over previous periods continue to impact supply for potatoes, salad vegetables, cabbages and cauliflower.
The Reserve Bank of Australia's trimmed mean was up 0.5 percent on quarter and 1.9 percent on year – in line with expectations after adding 0.4 percent on quarter and 1.6 percent in Q4.
The RBA's weighted median was up 0.4 percent on quarter and 1.7 percent on year – slightly beneath forecasts for 0.5 percent on quarter and 1.8 percent on year. In Q4, the mean was up 0.4 percent on quarter and 1.5 percent on year.
by RTT Staff Writer
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