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The Australian Bureau of Statistics today released Producer Price Indexes (PPI) for the March quarter, with prices rising 1.0% q/q (prior +0.7%) and by 5.2% y/y (prior +5.8%):
Importantly, producer inflation is primarily being driven by higher electricity and gas prices.
Electricity and gas supply rose by 13.3% due to long term contract renewals reflecting the recent higher prices caused by supply disruptions.
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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.
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