PPI shows lack of inflationary pressures

The Australian Bureau of Statistics (ABS) today released Producer Price Index (PPI) data for the September quarter, which has registered a 0.2% quarterly increase in final (stage 3) prices and an increase of only 1.2% over the year:

The 0.2% increase in final (stage 3) prices was driven primarily by increases in the prices received for building construction (+1.0%), partly offset by falls in the prices received for electricity supply; gas supply; and water supply, sewerage and drainage services (-3.6%) and petroleum refining and petroleum fuel manufacturing (-5.4%).

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.