Australia CPI rose 0.6% qoq in Q1, well below expectation of 0.9% qoq. Annually, CPI accelerated to 1.1% yoy, up from 0.9% yoy, but missed expectation of 1.4% yoy. At the all groups level, the CPI rose in all eight capital cities, ranging from 0.3% in Melbourne to 1.4% in Perth and 2.6% in Darwin.
Head of Prices Statistics at the ABS, Michelle Marquardt said: “Higher fuel prices, compared with the low prices seen in 2020, accounted for much of the rise in the March quarter CPI.”
