Australia's Import Prices Rise More Than Expected
Import prices in Australia rose more than expected in the June quarter with the weak dollar pushing up prices of fuel and pharmaceutics.
The Australian Bureau of Statistics said Friday that the import prices increased 2.4 percent quarter-on-quarter in the June quarter, following a 1.2 percent decline in the previous month. Economists were looking for a 1.5 percent increase.
According to the statistical office, the depreciation of the Australian dollar against all of the major trading currencies contributed to this increase.
The increase was also influenced by a 3.7 percent sequential rise in the prices paid for petroleum, petroleum products and related materials as well as a 3.3 percent rise in import costs of medicinal and pharmaceutical products.
Annually, the import price index rose 3.7 percent. This increase was driven mainly by rises in the prices paid for petroleum, petroleum products and related materials as well as gold.
The export price index rose 1 percent quarter-on-quarter compared to expectations for no change. Through the year to the June quarter 2012, the export price index fell 3.8 percent.
Commenting on the data, Westpac Institutional Bank said Australia's terms of trade retreated over the last three quarters, declining from a record high, as commodity prices weakened on softer global demand. A further softening of the terms of trade is likely during the third quarter, as the global downturn continues, it added.
The statistical office is expected to release the inflation figures for the second quarter on July 25. The Reserve Bank of Australia expects inflation, abstracting from the effects of the carbon price which came in to force on July 1, to be consistent with the target over the coming one or two years.
"Maintaining low inflation over the longer term will, however, require growth in domestic costs to slow as the effects of the earlier exchange rate appreciation wane," RBA Governor Glenn Stevens said during this month's Policy Board meeting.
During the meeting, the cash rate was left unchanged at 3.5 percent. The central bank has reduced the interest rate by a cumulative 125 basis points since November last year.
More FOREX-news on pages InstaForex.Com
Bank debit card of InstaForexInstaForex international broker offers all its customers to take advantage of a prepaid debit
InstaForex MasterCard . The card is issued by the foreign bank the standards of which are anonymity and confidentiality. Whatever the turnover, you data will never be provided to the regulated authorities of any country or third parties. InstaForex MasterCard is a universal mean of money deposit to and withdrawal from the InstaForex trading accounts.
With the help of
InstaForex MasterCard you can withdraw funds from the InstaForex trading account directly to the debit card within 24 hours. Moreover, this card gives you an opportunity to replenish your trading account without commissions.
Therefore,
InstaForex MasterCard establishes the direct link between the InstaForex trading account and cash money. Forex accounts have never been as easy to use as now with InstaForex.
You can order the
InstaForex MasterCard through InstaForex Client Cabinet.
You can use one card for several trading accounts opened in your name.
Note: Withdrawal of funds to
InstaForex MasterCard without restrictions and additional commissions is only possible if the account is actively traded on. Otherwise, a commission of 2-5% may be charged for each withdrawal.
Draw up your
InstaForex MasterCard from InstaForex right now!
InstaForex MasterCard is useful because:it allows withdrawing money from several trading accounts opened in the card holder's name;
it allows replenishing a trading account without commission;
you can check its balance in the Internet and top it up on the Payoneer website;
you can use it in over 200 countries all over the world;
it performs all MasterCard functions enabling you to pay for goods and services online;
it has unlimited total allowed balance and daily withdrawal and online payment limit of $ 5,000 dollars;
you pay only $1 maintenance fee per month and $3 dollars commission for cashing in ATM;
the Choice Bank emitting the card guarantees anonymity and confidentiality of the information;
you can order it in Client Cabinet on the official InstaForex website.