australian inflation gauge rises modestly in oct
Last Updated : GMT 08:05:47
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Australian inflation gauge rises modestly in Oct.

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Arab Today, arab today Australian inflation gauge rises modestly in Oct.

Sydney - Xinhua

Australia\'s consumer prices rose slightly in October, due to price rises for holiday travel and accommodation, new dwelling purchase and automotive fuel, a survey published on Monday revealed. The TD Securities-Melbourne Institute Inflation Gauge, a monthly survey by the investment dealer TD Securities and the Melbourne Institute of Applied Economic and Social Research, rose by 0.1 percent in October, following a 0.1 percent rise in September. In the 12 months to October, the Inflation Gauge rose by 2.6 percent, compared with 2.8 percent rise in the year to September. Both figures are at the upper end of the central bank\'s two to three percent inflation target band. Fruit and vegetable prices fell by 4.8 percent in October, while fuel prices rose 0.9 percent. Annette Beacher, Head of Asia-Pacific Research at TD Securities, said she had expected the October figures to show an easing of price rises. \"Our TD Inflation Gauge predicted well ahead of the official release that September quarter inflation took a breather after what was a robust rise over the first half of this year,\" Beacher said in a statement on Monday. \"We believe, on balance, the prudent path is to leave the cash rate at 4.75 percent for now,\" she said. \"On Friday, the Reserve Bank of Australia (RBA) is expected to publish a lower underlying inflation profile than three months ago, however, inflation is still likely to drift towards the top of the RBA\'s two to three percent target band, implying that slightly restrictive monetary policy should remain in place until the inflation outlook is more benign,\" Beacher added. 

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