FINWIRES · TerminalLIVE
FINWIRES

Australia's Inflation Increases 4.6% in Year to March

By

Australia's consumer price index (CPI) rose 4.6% in the 12 months to March, up from a 3.7% increase in the year to February, the Australian Bureau of Statistics reported Wednesday.

The largest contributors to annual inflation were housing, up 6.5%, followed by transport, which rose 8.9%, and food and non-alcoholic beverages, which jumped 3.1%.

"Annual CPI inflation is the highest it's been since September 2023," said Sue-Ellen Luke, the bureau's head of prices statistics.

Trimmed mean inflation was unchanged at 3.3% in the 12 months to March compared with February.

Annual goods inflation rose to 5.5% in the year to March from 3.5% in February, while services inflation fell to 3.6% from 3.9%, per the report.

Automotive fuel prices increased by nearly 33% between February and March, before the fuel excise was halved on April 1.

Average fuel prices increased sharply from February to March, with regular unleaded rising by 33%, premium unleaded increasing by 30%, and diesel climbing by 41%.

"The increase in March is the largest monthly increase since the series began in 2017, reflecting the impact of the conflict in the Middle East on fuel prices," Luke added.

The CPI increased by 1.4% over the quarter, while the trimmed mean rose by 0.8%.

Related Articles

International

BRC: UK Shop Price Inflation Down to 1% in April

The UK's shop price inflation edged down to 1% year over year in April from 1.2% in March, the British Retail Consortium said Tuesday.The consensus estimate for the month was 1.5%.BRC Chief Executive Helen Dickinson attributed the increase to discounts offered by retailers on certain Easter goods to encourage spending.

FTSE 100
International

Bank of Japan Keeps Benchmark Interest Rate Steady at 0.75%

Nikkei 225
International

Australian Consumer Confidence Rises on Improved Economic Outlook

The ANZ-Roy Morgan Australian consumer confidence rose 3.5 points to 67.8 in the week of April 20 to April 26, ANZ reported Tuesday.The four-week moving average rose 2.3 points to 64.7 points.Australian consumer confidence improved in the reported week, reaching its highest level since mid-March, with gains across all sub-indices led by stronger views on economic conditions, although it remains near historic lows, according to ANZ economist Sophia Angala.Headline inflation is forecast to have risen 1.4% quarter-on-quarter, partly due to higher fuel prices in March, and the Reserve Bank of Australia is still expected to lift the cash rate by 25 basis points at its May meeting, Angala added.Weekly inflation expectations fell to 6.6% from 7.1%, while the current financial condition indicator for 12 months rose 4.6 points to 63. The future financial conditions for the next 12 months inched up to 75.4 points from 75.3.Short-term economic confidence for the next year rose 4.7 points to 56, while medium-term economic confidence for the next five years increased to 78.3 points from 72.9.The "time to buy a major household item" subcategory rose 2.4 points to 66.1.

ASX 200