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Australia's inflation hits 3 pct in Q2

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(Globalpost/GlobalPost)

Australia's inflation hits 3 pct in Q2

SYDNEY, July 23 (Xinhua) -- Inflation in Australia has risen to 3 percent in the second quarter of this year, reaching the top of the Reserve Bank's target range, the Australian Bureau of Statistics (ABS) announced on Wednesday.

The Bureau of Statistics Consumer Price Index (CPI) rose 0.5 percent in the June quarter, following a rise of 0.6 percent in the March quarter.

The most significant price rises this quarter were for medical and hospital services, up 4.6 percent, mainly due to higher insurance premiums.

New dwelling purchase by owner-occupiers went up 1.6 percent, and tobacco rose 3.1 percent because of excise increases.

These rises were partially offset by falls in domestic holiday travel and accommodation, which dropped by 3.8 percent, automotive fuel, down 2.7 percent, and telecommunication equipment and services, down 1.6 percent, the ABS said.

http://www.globalpost.com/dispatch/news/xinhua-news-agency/140723/australias-inflation-hits-3-pct-q2