Shoppers and pedestrians will pass the Seals Store at Randle Mall in Adelaide, Australia on Thursday, February 11th, 2021.
James Bug | Bloomberg | Getty Images
Australia Inflation in the first quarter rose 2.4% compared to the same period last year, remaining at its lowest level in four years.
This was higher than Reuters’ expectations for a 2.3% increase from a 2.4% increase in the last quarter.
Data from the Australian Bureau of Statistics He said the most important prices for the quarter are in housing, education, food and non-alcoholic drinks.
This was partially offset by price falls for furniture, household goods and services as well as recreational and cultural activities.
Domestic inflation has been nearly softened after reaching a multi-year high of 7.8% since it ended in December 2022, with inflation rates falling in seven of the nine quarters since.
Due to a decline in inflation, Reserve Bank rooms were given an Australian room to cut from 4.35% to 4.1%, the highest level since December 2011.
In 2025, Australia’s economic growth is expected to recover, and the labor market remains strong. The RBA said, However, he added, “It is unclear what will happen globally.”
In a note on April 22nd, Stephen Wu, a senior economist at the Federal Bank of Australia, trimmed average inflation that ruled out extreme price changes in consumer goods and services, forecasting a quarterly up 0.6% and 2.8% year-on-year increase.
“If the average cropped CPI is in line with forecast (or below), we believe the May rate reduction has been completed,” adds Wu.
The first quarter’s trimmed average inflation rose 0.7% per quarter, at 2.9% per year, slightly higher than WU’s forecast.
The release also sets Australia up for the May 3rd election, with all 150 seats available in the House of Representatives and 40 of the 76 Senate seats.
Reuters quotes Newspoll, On April 28, the Labour Party, led by current Prime Minister Anthony Albanese, reported that it had a four-point lead over the conservative free state opposition when votes from small parties were redistributed.
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