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House prices drive CPI increase...

House prices drive CPI increases

Property purchases have helped to drive up the CPI in Australia.

Partly thanks to the rise in property prices, the consumer price index (CPI) has risen in Australia.

The Australian Bureau of Statistics (ABS) said that for the first quarter of the year CPI has risen by 0.4 per cent after a 0.2 per cent rise in December. This has brought Australia’s rate on inflation to 2.5 per cent.

It found that property purchases were one of the areas with the highest price rises, as these increased by 1.7 per cent. Other product prices that increased were pharmaceutical products, tobacco and tertiary education.

For many months, property prices have been rising across Australia and more consumers have been looking to purchase a new dwelling.

In the minutes from its most recent meeting, the Reserve Bank of Australia (RBA) said that it was comfortable with inflation and would allow it to rise if

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