Australia’s consumer prices rise: Survey

March 5th, 2012 - 2:08 pm ICT by IANS  

Sydney, March 5 (IANS) Australia’s consumer prices rose slightly in February due to more expensive fruit, vegetables, alcohol, tobacco and automotive fuel, according to a survey released Monday.

The TD Securities-Melbourne Institute inflation gauge, a monthly survey by the investment dealer TD Securities and the Melbourne Institute of Applied Economic and Social Research, rose 0.1 percent in February, following a 0.2 percent rise in January.

In the twelve months to February, the inflation gauge increased by 2.0 percent, following a 2.2 percent rise for the year to January, Xinhua reported.

The price of fruit and vegetables were up 1.8 percent in February, while fuel prices rose 0.5 percent.

These rises were offset by a sharp seasonal fall in holiday travel and accommodation, along with price falls in furniture and furnishings, insurance and financial services, TD Securities said.

Head of Asia-Pacific Research at TD Securities Annette Beacher said the annual inflation gauge forecasts remained within the target range of the Reserve Bank of Australia (RBA).

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