Post by Banker on Aug 15, 2011 17:14:06 GMT 7
Pensioner living costs are up 4.5% for the past 12 months, compared to regular inflation for the general population which is up only 3.6% over the same period.
The Australian Bureau of Statistics June 2011 Pensioner and Beneficiary Living Cost Index that was released today reveals pensioner costs are continuing to rise faster than normal inflation.
The biggest contributor was food and transportation, reported the ABS.
Categories with the largest price rises were financial and insurance services which climbed 8.3%, food that climbed 6.7%, housing costs which rose 5.7%, transportation costs which rose 5.0% and health costs with rose 3.9%.
Offsetting this were clothing and footwear, household contents and services, communication and recreation costs which showed almost no price changes in the past 12 months.
The aggressive inflation figures above the RBA's target range highlight the conundrum faced by the Reserve Bank, namely how to control rising prices without fuelling additional upward pressure on the dollar at the same time as slowing consumption expenditure, climbing savings rates and nervousness due to volatile global share markets pushes the case for a relaxation in monetary policy settings.
www.financialstandard.com.au/news/view/12209791/
The Australian Bureau of Statistics June 2011 Pensioner and Beneficiary Living Cost Index that was released today reveals pensioner costs are continuing to rise faster than normal inflation.
The biggest contributor was food and transportation, reported the ABS.
Categories with the largest price rises were financial and insurance services which climbed 8.3%, food that climbed 6.7%, housing costs which rose 5.7%, transportation costs which rose 5.0% and health costs with rose 3.9%.
Offsetting this were clothing and footwear, household contents and services, communication and recreation costs which showed almost no price changes in the past 12 months.
The aggressive inflation figures above the RBA's target range highlight the conundrum faced by the Reserve Bank, namely how to control rising prices without fuelling additional upward pressure on the dollar at the same time as slowing consumption expenditure, climbing savings rates and nervousness due to volatile global share markets pushes the case for a relaxation in monetary policy settings.
www.financialstandard.com.au/news/view/12209791/