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(CEP News) - Producer prices in Australia unexpectedly declined in the first quarter of 2009, according to a report from local statistics authorities.
Despite expectations for a 0.6% increase on the quarter, producer prices declined 0.4%. That follows a 1.3% gain in the fourth quarter. In annualized term, PPI rose 4.0%, down from the previous quarter's 6.4% growth rate, and below the consensus forecast for a 4.9% increase. The news comes just two days before the release of the consumer price index for the same period, which economists project will rise 0.5% in the quarter compared to a 0.3% decline in Q4, and rise 2.8% on the year following a 3.7% increase in Q3. By Erik Kevin Franco,
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, edited by Stephen Huebl,
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