Level Info – AU – Australia’s inflation is slowed by spike in childcare

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(Bloomberg) – Australia’s consumer price index is driven by an increase in childcare costs with cross- The currents in other areas range from falling rents to rising costs for restaurants

The rise in childcare will add roughly 0. The Australian Bureau of Statistics announced Thursday that the CPI is 3 percentage points higher for the last three months of 2020 with data due from January 27

« In December, after a significant increase in September, the childcare series will return to pre-Covid-19 levels »Said the ABS. The September quarter included free childcare for eight days in early July and low attendance in Melbourne during level 4a restrictions ???? The subsequent increase reflects fees charged for the entire quarter, and higher visitor numbers in Melbourne

Australian policymakers have sought to bring inflation back up to the central bank’s 2-3% target as wage growth has remained subdued, meanwhile rents have fallen as people continued to flee outside in the city centers

In contrast, households with cash have spent a lot of money on home improvement and restaurants, while cafes have raised their prices to compensate for the limited number of customers

The ABS found that government measures to assist households during recovery have a direct impact on the CPI, citing the HomeBuilder grant of 25000 AUD (19400 USD) and similar grants of 20000 AUD introduced by the governments of the Western Australian and Tasmanian states in support of housing construction

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The Reserve Bank of Australia, which cut its key rate to 010% in November, says it does not intend to cut borrowing costs until inflation is sustained within target, which is likely to require strong wage growth due to a tight labor market Given the unemployment rate of 6, the results may not be in sight anytime soon8%

His efforts to boost inflation get even harder as the rolling 12, the 5% increase in tobacco taxes over the past four years is now complete, which was previously added by 0.4 percentage points to headline inflation per year

Employment dates are due Jan 21 and the RBA will hold its first meeting of the year starting on February 2

Australia, consumer price index, inflation

EbeneInfo – AU – Australia’s inflation is curbed by spike in childcare

Source: https://www.bloombergquint.com/business/australia-s-inflation-set-to-be-buffeted-by-spike-in-childcare

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