RTTNews - Producer prices in Australia dropped 0.8% sequentially in the second quarter, after falling 0.4% in the first quarter, the Australian Bureau of Statistics said Monday. Economists expected a decline of 0.2%. Domestic prices were flat on quarter, while import prices fell 5.9%.

The statistical bureau said the fall in producer price was mainly due to a 5.6% drop in prices of industrial machinery, and equipment manufacturing, a 0.5% fall in building construction and 10.5% decline in that of electronic equipment manufacturing.

However, prices rose 2% for motor vehicle and part manufacturing and 5% in petroleum refining.

Compared to the previous year, producer prices climbed 2.1% in the June quarter, reflecting a 14.3% rise in import prices and a 0.3% increase in import prices.

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