The ABS published the Consumer Price Index for the quarter to June 2014 today. The CPI rose 3.0% through the year to the June quarter 2014, following a rise of 2.9% through the year to the March quarter 2014. The Consumer Price Index (CPI) rose 0.5% in the June quarter 2014, following a rise of 0.6% in the March quarter 2014.
The most significant price rises this quarter were for medical and hospital services (+4.6%), new dwelling purchase by owner-occupiers (+1.6%) and tobacco (+3.1%). These rises were partially offset by falls in domestic holiday travel and accommodation (-3.8%), automotive fuel (-2.7%) and telecommunication equipment and services (-1.6%).
This is at the top end of the RBA target, and highlights the fact they continue to have to balance, inflation, interest rates and other factors. They are still caught in the middle. Inflation is being assisted by the higher dollar exchange rate.
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