PPI confirms minimal inflationary pressures

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By Leith van Onselen

The Australian Bureau of Statistics (ABS) today released Producer Price Index (PPI) data for the June quarter, which registered a 0.3% quarterly rise in final (stage 3) prices and an increase of only 1.5% over the year:

The 0.3% rise in final (stage 3) prices was driven primarily by rises in the prices received for Heavy and civil engineering construction (+1.5%), Building construction (+1.2%) and Petroleum refining and petroleum fuel manufacturing (+11.9%), partly offset by falls in the prices received for Other agriculture (-2.9%), Fishing (-18.9%) and Professional and scientific equipment manufacturing (-2.3%).

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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.