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Larry plays havoc with CPI

CPI Inflation hit 4.0% with the addition of the June quarter's 1.6% to the 2.4% accrued for the previous three quarters. Chief culprits are bananas after cyclone Larry hit North Queensland on 20 March with 290 kmph winds wiping out most of the Queensland banana crop. The price of bananas went up 250% in this CPI giving the fruit component a rise of 52%. Other contributors to the high CPI this quarter were petrol (Transportation up 3.4%) and health insurance premiums (Health up 2.4%).

Posted Wednesday, 26 July 2006

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