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Headline Q1 CPI +0.3%, +2.2% Y/Y.....>

AUSTRALIA DATA
MNI (London)
AUSTRALIA DATA: Headline Q1 CPI +0.3%, +2.2% Y/Y
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--Headline CPI higher than expected and compares with the 0.7% m/m rise for the
December quarter, which delivered an annualised headline CPI of 1.8%.
- Biggest prices rises in the March quarter were vegetables (+9.1%),
pharmaceutical products (+5.1%) and secondary education (+3.4%)
- Fuel prices fell 6.0% nationally in the March quarter, with other big falls in
domestic holiday travel and accommodation (-3.1) and international holidays,
down 3.0%.
- The March CPI did not include the full impact of the economic disruptions from
the coronavirus, which the RBA has said will take inflation into negative
territory for the first time since the 1960s.
- The RBA inflation target is between 2% and 3% and this data again underlines
that pre-Covid 19, the RBA had been right in assumptions the economy was slowly
getting back on track.
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com

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