Australian consumers expect inflation to go higher: survey

10:05, October 14, 2010      

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Australian consumers expect inflation rate to go up considerably in October, a survey showed on Thursday.

The Melbourne Institute Survey of Consumer Inflationary Expectations showed the median expected inflation rate rose to 3.8 percent in October, from 3.1 percent the month before.

"While we expect inflationary pressures to build up over the next 12 months, this month's jump in inflationary expectations ... came as a surprise," Melbourne Institute research fellow Michael Chua said in a statement on Tuesday.

However, the survey showed the inflationary expectations of managers and professionals decreased from 3.4 percent to 3.3 percent, suggesting not all respondents share the view that inflation will rise strongly.

"We are living in more uncertain times and this is showing up in the dispersion of views among the respondents," Chua said.

The official measure of inflation, the consumer price index ( CPI), rose 0.6 percent in the June quarter, the latest data released from the Australian Bureau of Statistics (ABS).

That was well below economists' expectations centred on a rise of 1.0 percent.



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