June quarter inflation rises to 0.6%

The Aussie dollar has spiked after the inflation rate rose to 0.6 per cent in the June quarter, narrowly beating market expectations after a completely flat March result.

The consumer price index rose 1.6 per cent in the 12 months to June 30, figures from the Australian Bureau of Statistics on Wednesday showed, having slowed to 1.3 per cent in March after inflation completely evaporated.

The most significant rise in costs for the June quarter was the transport sector, where prices rose by 3.4 per cent in the period, while communications prices were down by 1.1 per cent.

The Aussie dollar rose from 68.63 US cents to 68.85 US cents in the five minutes after the data’s release.

AAP

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