Inflation jumps 0.9% in March quarter
April 28, 2010
In economic news, inflation rose 0.9% in the March quarter, against a 0.5% rise in the December quarter. The increase is ahead of expectations and likely to fuel speculation of a rate rise as early as next week.
On an annualised basis, CPI rose 2.9% to the end of the March quarter 2010, compared with a rise of 2.1% through the year to December quarter 2009.
The growth in the CPI was driven by fuel, up 4.9% and the healthcare sector. Pharmaceuticals are up 13.3%, while the cost hospital and medical services rose 2.9%.
Clothing was overall cheaper, especially men’s and children’s, down between 6% and 10% over the quarter.
Oddly, vegetables are 10% more expensive, while fruit is 5.7% cheaper over the quarter.
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