It was a busy morning for the Asian markets. The Australian CPI Report for Q1 drew interest this morning.
The Australian annual inflation rate softened from 7.8% to 7.0% in Q1 versus a forecasted 6.9%. Quarter-on-quarter, consumer prices increased by 1.4% versus a forecasted 1.3%. In Q4, consumer prices rose by 1.9%.
According to the ABS,
- The Annual inflation rate for goods softened from 9.5% to 7.6%, with lower auto fuel prices and the discounting on furniture, appliances, and clothes contributing to the decline.
- However, the inflation rate for services registered its most marked annual increase since 2001, driven by price increases for holiday travel, medical services, rents, and restaurants.
- Annual food inflation eased from 9.2%…
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