Wednesday, November 6, 2024
Home Business Australian CPI inflation rises by 1% in June quarter

Australian CPI inflation rises by 1% in June quarter

by
0 comment

NEW Delhi: The Australian Bureau of Statistics reported on Wednesday that the consumer price index (CPI) increased by 1.0% in the June quarter, aligning with market expectations.
The annual CPI

inflation

rate rose to 3.8% in the second quarter, up from 3.6% in the first quarter, also meeting forecasts. In June alone, CPI rose 3.8% compared to the same month a year earlier.
However, the trimmed mean, a key measure of core inflation, increased by 0.8% in the second quarter from the previous quarter, falling short of the 1.0% forecast.

The annual pace of

core inflation

slowed to 3.9% from 4.0%, marking the lowest level since early 2022.
The Reserve Bank of Australia (RBA) has maintained

interest rates

at 4.35% for five consecutive meetings. Policymakers have been deliberating whether the current policy is sufficiently restrictive, given the limited progress in cooling prices indicated by earlier inflation data.

The RBA has been cautious about raising rates further, considering their concerns about a potential sharp slowdown in the labor market. The unemployment rate slightly increased to 4.1% in June, while consumers have curbed their discretionary spending, and economic growth has nearly stagnated.
Looking ahead, analysts anticipate that new government electricity rebates will significantly reduce price pressures in the third quarter.

You may also like

Leave a Comment

About Us

Welcome to Janashakti.News, your trusted source for breaking news, insightful analysis, and captivating stories from around the globe. Whether you’re seeking updates on politics, technology, sports, entertainment, or beyond, we deliver timely and reliable coverage to keep you informed and engaged.

@2024 – All Right Reserved – Janashakti.news