Australia’s inflation recedes amid cut costs in gov’t programs

28.04.2021 - Petr Mazaylo
Australia’s inflation recedes amid cut costs in gov’t programs

Consumer prices in Australia increased at a slower pace than initially thought in the first quarter of the year amid lowered costs in government programs set in place to boost economic recovery.

Data from the Australian Bureau of Statistics showed Wednesday the trimmed mean core inflation gauge increased 0.3% from the final quarter of 2020, slightly below economists’ forecast of a 0.5% increase. Trimmed mean hiked 1.1% in the first quarter from a year earlier compared to an estimated 1.2% gain.

Following the report, the Australian dollar edged down 0.4% at 77.29 U.S. cents.

The headline consumer price index gained 0.6% from the last quarter of last year, versus economists’ prediction of a 0.9% increase. It improved 1.1% from a year earlier compared to an estimated 1.4% gain.

In an effort to bolster economic activity, the Reserve Bank of Australia adjusted its inflation framework, citing it won’t increase interest rates until consumer prices are sustained within its 2-3% target.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.net or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?