Wednesday 27th July 2016 - 1:03 pm

Inflation hits new low

by Alan Thornhill

Australia’s annual inflation rate fell to just 1 pr cent in the June quarter.

 

That was the weakest annual rise since the June quarter of  1999.

 

This is shown in the June quarter Consumer Price Index figures just released by the Australian Bureau of Statistics.

 

The fall in the annual rate – from 1..3  per cent at the end of  the March quarter – occurred even though consumer prices rose by 0.4 per cent in the June quarter.

 

This followed a fall of 0.2 per cent in the March quarter.

 

The Bureau said the most significant price rises this quarter are in medical and hospital services (+4.2 per cent), automotive fuel (+5.9 per cent) and tobacco (+2.1 per cent).

 

But it added:  “These rises are partially offset by falls in domestic holiday travel and accommodation (–3.7 per cent), motor vehicles (–1.3 per cent) and telecommunication equipment and services (–1.5 per cent).

The bureau also said that the increase of 4.2 per cent for medical and hospital services was driven by the annual increase in Private Health Insurance (PHI) premiums.

 

These rise on 1 April every year.

 

It said also that the increase of 5.9 per cent for automotive fuel follows three consecutive quarterly falls.

 

The rise included increases in unleaded, premium and ethanol fuels.

 

The bureau noted that world oil prices increased from a 12-year low last quarter.


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