Australia’s Q2 import price index to rise in June

Import goods prices are expected to rise in the June quarter, led higher by a rebound in energy costs. The import price index is forecast to rise by 2.7% in the quarter. That would see the index 2.6% higher than a year ago.  

Oil prices rebounded by around 15% in the quarter, only partially reversing falls of 20% in the December quarter, and 20% in the March quarter. The currency was little changed in the June quarter. The Trade Weighted Index averaged 64.3 in Q2, 0.6% below the average for Q1, to be 10% down on the levels of a year ago.