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Steaks and petrol push up consumer prices but COVID weighs on economy – Sydney Morning Herald

Consumer prices lifted by a lower-than-expected 0.6 per cent in the March quarter despite sizeable increases in beef and petrol prices.

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The Reserve Banks plan to hold interest rates at record low levels for the next three years remains on track after a lower-than-expected increase in consumer prices through the March quarter quashed concerns of an imminent inflation surge.
The Australian Bureau of Statistics on Wednesday reported inflation lifted by a much lower-than-expected 0.6 per cent through the first three months of the year. It took annual inflation to 1.1 per cent, its highest level since the advent of the pandemic but still…

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