Australian shares inch higher after opening flat. June quarter inflation shows 6.1pc increase over the past year, the highest level since 2001. Wall Street declines ahead of Federal Reserve meeting. Follow updates here.
Australia’s consumer price index has risen 6.1 per cent in the June quarter, compared with the previous year, below forecasts of 6.2 per cent and following a 5.1 per cent increase in the first quarter.
Consumer prices rose by 1.8 per cent on a quarterly basis against forecasts of a rise of 1.9 per cent, following a gain of 2.1 per cent in the March quarter. Trimmed mean CPI, the Reserve Bank of Australia’s preferred inflation measure, rose 4.9 per cent compared with a year prior, again exceeding forecasts of a 4.7 per cent increase. On a quarterly basis, the trimmed mean accelerated 1.5 per cent against forecasts of 1.4 per cent.The Australian dollar fell to US69.37¢ from US69.52¢ and government bond yields eased. The three-year yield slipped to 3.07 per cent from 3.13 per cent, and the 10-year retreated to 3.34 per cent from 3.
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