Inflationary expectations were unchanged in September, with the median expected inflation rate unchanged from a reading of 3.5% in August, according to a survey by the Melbourne Institute.
The proportion of consumers expecting inflation to lie within the Reserve Bank of Australia's 2% to 3% target band rose slightly from 17.2% in August to 17.4% in September."It appears that last week's robust GDP growth observed for the June quarter has not translated into a change in inflationary expectations, possibly because it was anticipated to some degree," said Sam Tsiaplias, a Research Fellow at the Melbourne Institute.
The survey was conducted in the first week of September. It aims to measure the average householder's expected rate of consumer price changes over the coming 12 months.