(MENAFN) The Australian Bureau of Statistics (ABS) said the country's inflation rate has dipped to 2.3 percent in the July-September period from 3 percent in the prior quarter, Xinhua reported.
Electricity prices declined 5.1 percent in the third-quarter period, the biggest quarterly fall in the price of electricity for more than 20 years, following the scrapping of the carbon tax from July 1.
The most significant price rises the third quarter were in fruit (14.7 percent), property rates and charges (6.3 percent) and other services in respect of motor vehicles (5.8 percent).
These rises were partially offset by falls in electricity as well as automotive fuel (2.5 percent). The Reserve Bank of Australia in its last report said the target range for annual inflation was between 2 and 3 percent.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.