Australian inflation accelerated to its highest in over five years last quarter, data showed on Wednesday, but the long-desired pick-up is likely to be fleeting in the face of a coronavirus lockdown and collapsing energy prices.
FILE PHOTO: People walk out of a mall in Nowra, Australia April 26, 2018. Picture taken April 26, 2018. REUTERS/Edgar Su
A key measure of underlying inflation rose a surprisingly firm 0.5% in the quarter and 1.8% for the year, driven mainly by food, education, drugs and tobacco taxes. That would also be the first annual drop in the CPI since 1997 and a dangerous dip into deflation where falling prices squeeze profits, wages and consumer spending.
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