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Australia Consumer Prices Add 0.2% In Q2

Australia Consumer Prices Add 0.2% In Q2”

The consumer price index (CPI) advanced at an annualized 1.9% in the second quarter, following a 2.1% uptick the previous quarter, the Australian Bureau of Statistics said in its quarterly inflation report on Wednesday.

Compared to the first quarter, the CPI rate accelerated 0.2%.

The yield on the benchmark 10-year Treasury note, which moves inversely to its price, rose almost 1 basis point to 2.70 percent, the yield on 15-year note remained tad higher by 1/2 basis point at 2.99 percent and the yield on short-term 2-year traded almost flat at 1.85 percent by 03:10 GMT.

That was offset by a 0.4% increase in non-tradable item, those influenced by domestic factors. Core inflation was up 0.5% on the quarter.

Chief Economist for the ABS, Bruce Hockman, said: "Inflation in Australia remains low". "Price falls for automotive fuel; and ongoing competition in the clothing and food retail markets has contributed to this quarter's result".

The RBA's trimmed mean is tipped to hold steady at 0.5% on quarter, and to ease to 1.8% on year from 1.9% in the three months prior.

"In addition, the ABS continues to closely monitor the impact of Cyclone Debbie on fruit and vegetable prices".

Annual inflation comes in roughly at the midpoint of the central bank's 1-3% target range. It was expected to increase by 0.5%, leaving the year-on-year rate unchanged at 1.75%.

The Australian dollar fell as low as 79.01 U.S. cents after the release of the figures, down from 97.37 United States cents at 1129 AEST, immediately before the inflation data was released.

Government bond futures are also a touch firmer than the levels seen before the CPI report was released.

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