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NAB Survey Show Prices Growth Less Than Costs


The price and cost components of the NAB business survey continued to ease after their early Q3 highs, which should be good news for the RBA, but they remain high and above their series averages. While higher costs are not being passed on in full, the survey is pointing to continued strong CPI reads. Capacity utilisation was steady but remains elevated signalling continued pressures.

  • Labour costs moderated to 1.8% q/q from 2.1%, the lowest in two years, and purchase costs also to 1.8% from 2%. While costs are still being passed onto customers, it is only partially, as the price of final products moderated to 1% from 1.1%. Retail prices were steady at 1.9%.
  • See NAB business survey here.
Australia NAB price/cost measures

Source: MNI - Market News/Refinitiv

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