Australia Q3 Producer Prices Up A Record 2.0%

(RTTNews) - Producer prices in Australia jumped 2.0 percent in the third quarter, according to data released Monday by the Australian Bureau of Statistics.

The figure marked the largest on-quarter increase since the agency began tracking the series in 1998.

Most economists had forecast an increase of 1.2 percent.

The Bureau said that at the end of the September quarter, the Producer Price Index stood 5.6 percent above its level from the same period one year earlier.

Increases in building construction, electricity, gas and water, and dairy product manufacturing led the index higher. The increases were partially offset by drops in motor vehicle and parts manufacturing.

Producer prices had increased 1.0 percent in the second quarter from the first.

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