Prices rose 1.4 per cent over the March quarter, which was marginally above average economist forecasts, but the smallest quarterly rise in more than a year, according to the Australian Bureau of Statistics (ABS).
The ABS said prices had continued to rise for most goods and services, but the scale of those increases had slowed.
Exceptions were seen in steep quarterly price jumps for medical services (+4.2 per cent), tertiary education (+9.7 per cent) plus gas and other household fuels (+14.3 per cent).
“Prices for medical and hospital services typically rise in the March quarter as GPs and other health service providers review their consultation fees, and the Medicare Safety Net is reset at the start of the calendar year,” observed the bureau’s head of price statistics Michelle Marquardt.
“Tertiary education fees are also indexed at the start of the year. This quarter additional strength was seen in tertiary education as changes in student contribution bands and fees introduced in 2021 as part of the Jobs-ready Graduates Package continued to flow through to the index.”
Gas prices rose sharply across the capital cities, although Melbourne had the strongest March quarter rise of 22.7 per cent.
“This quarter’s rise was notable as prices increased in all eight capital cities, whereas typically only Melbourne’s prices are reviewed in the March quarter,” Ms Marquardt added.
Fruit and vegetables (+2.4 per cent) plus snacks and confectionary (+4.1 per cent) led overall food prices a further 1.6 per cent higher over the March quarter.
Domestic holiday travel and accommodation costs continued to rise (+4.7 per cent) over the final months of summer and early autumn, despite a small decline in airfares after recent large increases.
However, not everything went up in price over the past few months.
If you were out in the shops, chances are you found discounts for furniture (-4.6 per cent), household appliances (-3.8 per cent) and clothing (-3.2 per cent).abcaustralia
