Australia Inflation Jumps to 3.3% in Q1

Australia Consumer Price Index rose 3.3% through the year to March quarter 2011, compared with a rise of 2.7% through the year to December quarter 2010.

The ABS Consumer Price Index rose 1.6% in the March quarter 2011, compared with a rise of 0.4% in the December quarter 2010. This is the largest quarterly rise in the CPI since June quarter 2006 when the CPI increased 1.6%.

The most significant price rises this quarter were for automotive fuel (+8.8%), vegetables (+16.0%), deposit and loan facilities (+4.6%), fruit (+14.5%) and pharmaceuticals (+12.5%). The most significant offsetting price falls were for furniture (–6.2%), audio, visual and computing equipment (–7.2%), milk (–6.2%), overseas holiday travel and accommodation (–1.6%) and motor vehicles (–0.5%).

Fruit prices increased by 14.5% in the March quarter 2011 mainly due to an increase of approximately 100% in the price of bananas during the March quarter 2011 due to shortages following floods and Cyclone Yasi. Vegetable prices increased by 16.0% in the March quarter 2011, driven by price rises in cauliflowers, broccoli, lettuce, pumpkin and potatoes due to damage to crops as well as the usual seasonal price rises., Australian Bureau of Statistics
4/27/2011 2:27:56 PM