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Australian inflation above expectations

Australian quarter on quarter inflation hit 1.6 per cent in the March quarter and rose 3.3 per cent from a year earlier following a summer of natural disasters and higher petrol prices, data showed Wednesday.

Friday 29 April 2011, 12:49AM


Australian quarter on quarter inflation hit 1.6 per cent in the March quarter and rose 3.3 per cent from a year earlier following a summer of natural disasters and higher petrol prices, data showed Wednesday.

The quarterly consumer price index was above economists' estimates of a 1.2 per cent rise, while the annual rate is well beyond the central bank’s two to three per cent target.

The news saw the dollar soar to a record $1.0851 against the greenback, before retreating slightly.

Despite the rise in prices, the Reserve Bank of Australia has repeatedly said it will look through the anticipated impact from the devastating floods in Queensland in January when considering changes to interest rates.

 

 

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