RTTNews - Australia's consumer inflationary expectations rose to 3.5% in August from 3.2% in July, the latest report from the Melbourne Institute said Thursday.
Sam Tsiaplias, Research Fellow at the Melbourne Institute said, given a July unemployment rate below market expectations and rising house prices in the June quarter, it is not surprising that consumer inflationary expectations rose by 0.3 percentage points in August.
But, even though the inflationary expectations increased for the third consecutive month in August, they remained below the median expected rate of 4.9% seen at the same time last year.
Meanwhile, the survey revealed that just over 17% of respondents expect the inflation to fall between the Reserve Bank of Australia's target band of 2%-3% in the next 12 months compared to less than 9% who believed so in August last year.
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