January 25, 2017
Australia logged its lowest annual inflation rate in 19 years through 2016, official consumer price index figures from the Australian Bureau of Statistics reveal.
The CPI numbers for the December quarter showed a quarterly inflation rate of 0.5 per cent and yearly price growth of 1.5 per cent.
This compared unfavourably against market expectations for 0.7 and 1.6 per cent readings, respectively.
The last time prices rose 1.5 per cent or less for the calendar year was back in 1997, when deflation of 0.2 per cent was recorded.
The news has forced the Australian dollar down sharply, with the local unit slipping US0.3c to US75.6c at 11.33am (AEDT)