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NAB Price/Cost Measures Rise But Lower Than July 2022

AUSTRALIA DATA

The price and cost measures in the NAB business survey all rose in July which given higher wages, power and fuel prices since July 1 is unsurprising. They also rose in July 2022 and what they do in the months ahead will be important and should be monitored closely. It remains unclear whether demand is strong enough for costs to be passed onto consumers fully, partially or not at all.

  • Labour costs rose to 3.7% in July from 2.3% but were lower than July 2022’s 4% despite the minimum award increase this year being higher. Purchase costs also increased to 2.6% from 2.2% but well below July 2022’s 5.2%.
  • There was some pass through of these higher costs to prices with final product prices rising 2% up from 1% but lower than 2.5% the same time last year and retail prices 2.6% from 1.4% but also less than 3.3% in July 2022.
Australia NAB price/cost measures

Source: MNI - Market News/Refinitiv

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