Investing.com – Producer price inflation in Australia rose more-than-expected in the first quarter, official data showed on Thursday.
In a report, the Australian Bureau of Statistics said that PPI rose by a seasonally adjusted 1.2% in the first quarter, after rising by 0.1% in the preceding quarter.
Analysts had expected PPI to increase by 1.0% in the first quarter.
The report showed that year-on-year PPI rose at an annualized rate of 2.9% in the first quarter, after rising by 2.7% in the preceding quarter. Analysts had expected year-on-year PPI to rise at an annualized rate of 2.7%.
According to the report, the index rose mainly due to increases in the prices received for petroleum refining, other agriculture and electricity and gas and water.
Following the release of the data, the Australian dollar was up against its U.S. counterpart, with AUD/USD gaining 0.48% to hit a record high of 1.0768.
In a report, the Australian Bureau of Statistics said that PPI rose by a seasonally adjusted 1.2% in the first quarter, after rising by 0.1% in the preceding quarter.
Analysts had expected PPI to increase by 1.0% in the first quarter.
The report showed that year-on-year PPI rose at an annualized rate of 2.9% in the first quarter, after rising by 2.7% in the preceding quarter. Analysts had expected year-on-year PPI to rise at an annualized rate of 2.7%.
According to the report, the index rose mainly due to increases in the prices received for petroleum refining, other agriculture and electricity and gas and water.
Following the release of the data, the Australian dollar was up against its U.S. counterpart, with AUD/USD gaining 0.48% to hit a record high of 1.0768.