Australian Consumer Inflation Expectations Rise
A new survey suggests that as a result of strong economic data, September consumer inflation expectations have risen, after four consecutive months of decline.
The survey of consumer expectations was conducted by the Melbourne Institute, and suggests that the median expected inflation rate rose to 3.1 per cent in September from 2.8 per cent in the previous month.
74.5 per cent of respondents expected inflation rise, up from 73.5 per cent in the previous month, whilst the number of respondents who expect inflation to remain unchanged fell to 13.9 per cent, from 16.6 per cent in August.
Dr. Michal Chua of the Melbourne Institute says he believes that expectations had risen on the back of better than expected jobs data, as well as robust GDP growth.
The Melbourne Institute conducted its survey during the week where national unemployment figures were revealed, surprising many by falling to 5.1 per cent from 5.3 per cent. The central bank also held interest rates steady at 4.5 per cent that same week for the fourth consecutive month.
Salespersons and clerks were the sector that registered the highest median expected inflation rate of four per cent.
For the states, Queensland recorded the highest expected inflation rate of 4.2 per cent, while South Australia recorded the lowest, at 1.9 per cent.
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