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(CEP News) - Australia's annual core inflation rate climbed higher than expected in the first quarter.
The trimmed mean - the RBA's preferred measure of inflation - climbed 3.9%, against expectations for a 3.8% rate. The annual trimmed mean was 4.2% in the fourth quarter of 2008. The RBA's target inflation rate is in between 2-3%. Quarter-over-quarter trimmed mean inflation was up 1.0%, against expectations for a 0.8% rate. The headline consumer inflation rate, which includes volatile energy and food prices, was up 2.5% year over year, against expectations for a 2.8% increase. Quarter-over-quarter headline inflation was up 0.1%, against expectations for a 0.5% increase. Inflation was down by 0.3% quarter over quarter and up 3.7% annually in the fourth quarter of 2008. By Megan Ainscow,
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