RTTNews | Oct 28, 2021 09:00PM EDT

21:00 Thursday, October 28, 2021 (RTTNews.com) - Final demand producer prices in Australia were up 1.1 percent on quarter in the third quarter of 2021, the Australian Bureau of Statistics said on Friday - up from 0.7 percent on quarter in the previous three months.

On a yearly basis, producer prices climbed 2.9 percent, up from 2.2 percent in the three months prior.

Major contributors to growth were:Heavy and civil engineering construction (+2.1 percent), due to rises in wages and materials supported by increased public sector investment stimulus.Output of building construction (+2.2 percent), due to builders continuing to pass through increases in material and trade prices, supported by continued strong demand for housing.Petroleum refining and petroleum fuel manufacturing (+11.8 percent), due to rising global crude oil demand and delays in OPEC+ oil agreement to raise production.

Offsetting the rise were price falls in accommodation services (-5.5 percent), due to decreased domestic travel demand, resulting from COVID-19 restrictions and border closures throughout the quarter.

Read the original article on RTTNews ( https://www.rttnews.com/3237064/australia-ppi-expands-1-1-on-quarter-in-q3.aspx)

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