Inflation Unchanged in March Quarter as Subdued Activity Dominates Queensland Economy: CCIQ

Wednesday 24 April, 2019 | By: Dan Petrie and Thomas Birkbeck

Australia’s headline inflation rate fell to 1.3% in the March quarter, below the Reserve Bank of Australia’s target inflation range of two-three per cent as subdued economic activity continues to weigh on the national economy.

The Chamber of Commerce and Industry Queensland (CCIQ) notes the March quarter, which tends to be historically stronger following a reset in prices for the beginning of the new year, has delivered a soft print with rises in the cost of education and fresh food offset by declines in transport and communications.

CCIQ Head of Industry, Dan Petrie said the March quarter inflation read shows prices rising in the key categories of food and education of 2.3% and 2.9%, respectively while categories that could be classed as discretionary such as clothing and footwear have recorded no growth at all

“The statistics represent an economy where demand is soft and overall economic activity underwhelming.”

“The data would suggest that Australia’s low inflationary environment is reflective of an economy where activity is almost anemic in some parts of the country and the argument for the Reserve Bank to cut rates in May is compelling in this case,” Mr Petrie said.

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Dan Petrie
Media and Communications – Economy and Government
Chamber of Commerce and Industry Queensland
Ph No: 07 3192 0120 (Landline)
Dan Petrie -Mobile: 0408 919 767 
Email: dpetrie@cciq.com.au

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