Fruit prices drive up CPI in June qtr

Date: 27.07.2011

Higher prices for fruit following Cyclone Yasi saw the ABS Consumer Price Index rise by 0.9pc in the June quarter

Fruit prices drive up CPI in June qtr

July 27, 2011

Cut-price vegetables failed to offset skyrocketing fruit prices following Cyclone Yasi, with the ABS Consumer Price Index (CPI) rising 0.9 percent in the June quarter.

This follows a rise of 1.6 percent in the March quarter.

The most significant price rises after fruit (26.9 percent) came from furniture (6 percent), automotive fuel (4 percent), hospital and medical services (3.4 percent), and deposit and loan facilities (2.1 percent).

Meanwhile, the most significant offsetting price falls were for vegetables (–10.3 percent), audio, visual and computing equipment (–6.3 percent), milk (–4.6 percent), electricity (–1.5 percent), and domestic holiday travel and accommodation (–1.5 percent).

According to the ABS, the spike in fruit prices was mainly due to an increase of around 138 percent in the price of bananas due to shortages created by Cyclone Yasi, which hit North Queensland growers
earlier this year.

Banana prices increased 470 percent over the six months to the June quarter.

The ABS CPI rose 3.6 percent through the year to the June quarter, compared with a rise of 3.3 percent through the year to March quarter.

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