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COMMENTARY


IMPORT PRICE INDEX

The Import Price Index rose 2.5% in the December quarter 2011. This increase was driven mainly by rises in the prices paid for petroleum, petroleum products and related materials (+5.5%), articles of apparel and clothing accessories (+5.8%) and machinery specialised for particular industries (+4.1%). The depreciation of the Australian dollar against some of our major trading currencies contributed to this increase. These increases were partly offset by falls in the prices paid for non–ferrous metals (–8.9%) and inorganic chemicals (–12.6%).

Through the year to the December quarter 2011, the Import Price Index rose 4.7%. This increase was driven mainly by rises in the prices paid for petroleum, petroleum products and related materials (+29.7%) and gold, non–monetary (excluding gold, ores and concentrates) (+21.4%). Partly offsetting these through the year rises were falls in the prices paid for road vehicles (including air–cushion vehicles) (–3.0%), office machines and automatic data–processing machines (–7.3%) and telecommunications and sound–recording and reproducing apparatus and equipment (–5.5%).


EXPORT PRICE INDEX

The Export Price Index fell 1.5% in the December quarter 2011. This decrease was driven mainly by falls in the prices received for metalliferous ores and metal scrap (–4.5%), non–ferrous metals (–10.6%), cereals and cereal preparations (–7.3%), and textile fibres and their wastes (–9.6%). These decreases were partly offset by rises in the prices received for gold, non–monetary (excluding gold, ores and concentrates) (+3.0%).

Through the year to the December quarter 2011, the Export Price Index rose 14.3%. This increase was driven mainly by rises in the prices received for coal, coke and briquettes (+31.4%), metalliferous ores and metal scrap (+10.9%), gas, natural and manufactured (+37.3%), gold, non–monetary (excluding gold, ores and concentrates) (+21.8%), petroleum, petroleum products and related materials (+24.7%) and textile fibres and their wastes (+49.4%). Partly offsetting these through the year rises were falls in the prices received for non–ferrous metals (–10.9%), professional, scientific and controlling instruments and apparatus, n.e.s. (–9.9%), power generating, general industrial and other specialised machinery and equipment (–2.6%), and beverages (–5.1%).