Australia Inflation Adds 2.3% On Year In Q3

22/10/2014 08:07 AST

Consumer prices in Australia advanced 2.3 percent on year in the third quarter of 2014, the Australian Bureau of Statistics said on Wednesday.

That was in line with expectations and down from 3.0 percent in the second quarter.

Among the individual components of the survey, prices for alcohol and tobacco were up 7.3 percent on year, followed by education (5.2 percent), health care (4.7 percent), food (3.5 percent), housing (2.3 percent), recreation (1.9 percent and financial services (1.2 percent).

Prices for clothing fell 2.7 percent and communication lost 1.8 percent.

On a quarterly basis, CPI added 0.5 percent - unchanged but above forecasts for 0.4 percent.

Among the individual components of the survey, prices for alcohol and tobacco were up 1.1 percent on quarter, followed by food (1.2 percent), financial services and recreation 0.6 percent) and housing (0.5 percent).

Prices for communication dropped 1.4 percent, followed by clothing (-1.0 percent), health care (-0.2 percent) and transportation (-0.1 percent).

The most significant price rises this quarter were for fruit (+14.7 percent), new dwelling purchase by owner-occupiers (+1.1 percent), property rates and charges (+6.3 percent) and other services in respect of motor vehicles (+5.8 percent).

The most significant offsetting price falls this quarter were for electricity (-5.1 percent) and automotive fuel (-2.5 percent).

The Reserve Bank of Australia's weighted median was up 2.6 percent on year - unchanged and matching forecasts. It also added 0.6 percent on quarter, unchanged and above forecasts for 0.5 percent.

The RBA's trimmed mean was up 2.5 percent on year versus forecasts for 2.7 percent and down from 2.8 percent. It was also up 0.4 percent on quarter - below expectations for 0.5 percent and down from 0.7 percent in Q2.

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