The Australian Bureau of Statistics released data this morning which countered a forecast expecting a downturn in consumer inflation. The percent change in price for goods purchased by importers rose 0.8% this quarter, beating an expected dip of 1%.
Though the data has a delayed impact on inflationary adjustments, the news that import prices shifted higher, rather than lower, signals a continuation of inflationary growth at the consumer level in Australia. Over the coming weeks, the Australian dollar (AUD) may see some buying pressure as traders anticipate economic growth.
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