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Australian Annual Inflation Rate Surges 3.8%

Published 28/07/2021, 02:05 pm
Updated 28/07/2021, 02:07 pm
© Reuters.

By Oliver Gray

Investing.com - Australia’s consumer price index rose at the quickest pace in 13-years on Wednesday, surging to 3.8% year-on-year in Q2 from 1.1% in Q1 amid a strong lift in fuel prices and low base effects due to last year’s emergency government subsidies. Main drivers included transport, food, alcohol & tobacco, health and recreation. On a quarterly basis, CPI rose 0.8%, up from 0.6% in the previous quarter and above market expectations of 0.7%. Meantime, the RBA’s Trimmed Mean CPI rose 1.6% year-on-year in Q2, the most since Q1 2020, after a 1.1% rise in Q1.

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