RTTNews | Jan 24, 2022 07:39PM EST

19:39 Monday, January 24, 2022 (RTTNews.com) - Consumer prices in Australia were up 3.5 percent on year in the fourth quarter of 2021, the Australian Bureau of Statistics said on Tuesday.

That exceeded expectations for an increase of 3.2 percent and was up from 3.0 percent in the third quarter.

On a quarterly basis, consumer prices rose 1.3 percent - again topping forecasts for 1.0 percent and up from 0.8 percent in the three months prior.

The most significant price rises were for new dwelling purchase by owner-occupiers (+4.2 percent) and automotive fuel (+6.6 percent).

The ABS also said that the Reserve Bank of Australia's trimmed mean was up 1.0 percent on quarter and 2.6 percent on year, while the weighted median added 0.9 percent on quarter and 2.7 percent on year.

Read the original article on RTTNews ( https://www.rttnews.com/3256835/australia-inflation-climbs-3-5-on-year-in-q4.aspx)

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