Latest Inflation Print Masks Fuel Price Pain for Queenslanders: CCIQ
The June quarter of inflation read of 0.4% has masked the rising cost of fuel prices which rose 6.9% over the same period according to the latest data released by the Australian Bureau of Statistics.
The Chamber of Commerce and Industry Queensland (CCIQ) has been concerned about rising oil prices and the effect this will have especially on small to medium enterprises in regional Queensland.
CCIQ Head of Media and Industry, Dan Petrie called on policy makers to be proactive in dealing with the challenge now facing many businesses particularly in regional areas.
“The fuel price surge many people have complained about is deeply concerning given the pressures many people in rural areas are feeling and the cost impacts of a raft of state levies and taxes imposed upon this sector.
“Measures including fuel price monitoring should be implemented as soon as possible given prolonged drought conditions in Queensland and New South Wales and the prospect of ongoing softness in the Australian dollar only serving to keep upward pressure on inflation more broadly,” Mr Petrie said.
In the south east corner of the state, fuel prices in Brisbane were up 7.4% for the quarter representing a lift of 16.6% over the last 12 months.
CCIQ notes that on a yearly read headline inflation of 2.1% is starting to edge up along the Reserve Bank’s targeted range of between 2% and 3%.
“Conducting a business in Queensland has become a difficult proposition and it is incumbent upon all levels of government to relieve as many constraints as possible while assisting the most productive part of the economy,’ Mr Petrie said.
Energy and utility prices have stabilized at multi year highs whilst cost of living pressure remain elevated.