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Consumer Prices up 2.9%

The 2002 March Quarter CPI release from the Australian Bureau of Statistics today shows price inflation of 2.9% over the last 4 quarters. This compares to Financial Demographics calculation of inflation over the last 100 years which averages 4.0%pa.

With six out of the last ten quarters producing increases of 0.8% per quarter or greater (ignoring GST effect) and interest rates expected to rise, it is difficult to see inflation remaining under the Reseve Bank target of 2 to 3%pa.

Biggest price rises during the March Quarter were Pharmaceuticals 11.4%, Overseas Travel 7.4% and Secondary Education 6.4%. The Pharmaceutical figure is one likley to attract increasing attention as the baby boomer bulge seeks increased medical attention.

Posted Wednesday, 24 April 2002

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