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Annual Inflation hits 3.2%pa

The September quarter CPI increase was released last week by the ABS, coming in at 0.7% to give an annual inflation rate of 3.2% for the year. After hitting 6.0% when GST was introduced 2 years ago inflation had briefly fallen under the Reserve Bank's ceiling of 3%pa.

Biggest rises in the quarter were vegetables at 12.1% and child care at 11.1%.

Whereas in the 1970's and 1980's people worried about high inflation, now the worry is about "deflation" particularly in countries like Germany, Japan and Italy where demographics and financial institutions are not conducive to consumption and growth.

Posted Monday, 28 October 2002

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