Economics
Australia’s Inflation Exceeds Estimates as Recovery Builds
- Prices were driven higher by tobacco excise and childcare fees
- NAB report shows firms’ conditions rose to highest since 2018
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Australia’s consumer prices rose faster than forecast in the final three months of last year as the government amended funding to various stimulus programs amid an economy regaining momentum.
The consumer price index advanced 0.9% from the third quarter, underpinned by increases in tobacco excise, compared with economists’ estimates of a 0.7% gain, data from the Australian Bureau of Statistics showed Wednesday. Annual CPI also beat forecasts, similarly rising by 0.9% versus an estimated 0.7%.