Australia's import prices dropped by 4.2 percent quarter-on-quarter in three months to March 2023, reversing a 1.8 percent rise in three months to December 2022. It was the first decline in import prices since Q4 of 2020 due to weakening demand amid high inflation and moderating commodity prices. Main downward contributors were: petroleum, petroleum products, and related materials (-16.6%), which fell on strong global supplies and lower demand as global economic activity slowed; fertilizers (-36.0%), dragged by cooled prices for natural gas, a key input to production; and electrical machinery and apparatus (-4.7%) driven by the appreciation of the Australian dollar. Offsetting the decline was a 5.2% increase in specialized machinery caused by inflationary pressures and growing input costs through 2022 and a 1.5% gain in road vehicles, boosted by the introduction of new models at higher prices. Through the year to Q1, the import prices rose by 4.7%, easing from a 14.9% jump in Q4. source: Australian Bureau of Statistics
Import Prices MoM in Australia averaged 0.61 percent from 1981 until 2023, reaching an all time high of 12.80 percent in the third quarter of 1986 and a record low of -6.40 percent in the second quarter of 2009. This page includes a chart with historical data for Australia Import Prices QoQ. Australia Import Prices QoQ - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.
Import Prices MoM in Australia is expected to be 0.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Australia Import Prices QoQ is projected to trend around 0.60 percent in 2024 and 0.50 percent in 2025, according to our econometric models.