The latest economic figures have been released and are summarised below: –
1. Inflation rose by 0.8% in January, taking the annual rate of inflation to 2.7%. This is well past the mid-point in the RBA’s 2% to 3% target range.
2. The Westpac-Melbourne Institute Consumer Confidence Index fell by 1.7% in January to a six-month low.
3. Employment decreased by 22,600 in December, but the unemployment rate remained flat at a 4½ year high of 5.8%.
4. Retail sales exceeded expectations for a fourth consecutive month, rising by 0.7% in November, led by a 2.2% increase in cafés and restaurants.
5. The Australian dollar (AUD) declined by 1.9% to finish January at $US0.8756.
6. Commodities prices started 2014 on a subdued note due to low crude oil prices, and poor manufacturing data from China.
7. Iron ore prices fell to a six-month low on 30 January, pressured by weaker steel prices in China as trading activity wound down in the lead-up to the Lunar New Year.
8. In local currency terms, returns from global property markets rose by 2.1% in January.
