A leading private sector estimate of consumer inflation continued to rise in April, keeping the central bank on track to raise interest rates later this year.
The TD Securities-Melbourne Institute monthly gauge of inflation rose 0.3% in April, following a 0.6% rise in March and 0.2% rise in Feb. Over the year to April, the inflation gauge rose 3.6%, following a 3.8% rate for the year to March.
Offsets came from lower fruit and vegetable prices, and smaller falls for audio, visual and computing equipment and for household supplies, she said. Fruit and vegetables prices slumped by 12% in April, which followed an 11.3% rise in March.