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Today Australian Bureau of Statistics released inflation number for second quarter which showed that inflation is still undershooting projection and expectation of policy makers.
Consumer price index rose by 0.7% in Second quarter from first and it is up 1.5% from a year ago.
Details of the report showed that,
- While price pressure is subdued for food and non-alcoholic beverages at 1.3% y/y, price for tobacco and alcoholic beverages are up by 4.8% on yearly basis. Prices even rose by 1.2% in Second quarter from first.
- Cost for medical and hospital services rose by 4.5%.
- Most significant price rise was registered in automotive fuel, which rose by 12.2%. Naturally overall transport cost rose by 3.4%
- In past one year cost of education has gone up significantly.
- Significant price fall were registered in domestic holiday travel (-5.4%) and pharmaceutical products (-1.8%).
With mixed picture in price rise RBA is likely to wait another quarter report, before considering further move.
RBA's preferred inflation indicator (trimmed mean) measured price rise of 0.6% in June quarter from March and 2.2% from a year ago.
Aussie is currently trading at 0.741 against dollar.
