Weaker than expected rise in Consumer Price Index

THE price of an Australian holiday jumped by 6.2% in the final quarter of last year.

Figures released by the Australian Bureau of Statistics on Wednesday showed a weaker than expected rise in the Consumer Price Index in the December quarter of 0.2%.

It followed a 1.4% rise in the September quarter.

Inflation for the 12 months to the December quarter rose 2.2%, at the lower end of the Reserve Bank's 2-3% target range.

While the price of taking a holiday within Australia rose, getting to that destination by car also became more expensive as the price of fuel rose by 2.6% for the quarter.

Rents experienced the third biggest price rise at 0.8%.

The most significant offsetting price falls were for vegetables (-5.7%), audio, visual and computing equipment (-4.3%) and pharmaceutical products (-3.5%).

Topics:  australian bureau of statistics consumer price index cpi reserve bank

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