Australia producer prices rise at fastest annual pace on record in Q3

AUSTRALIA producer prices rose at the fastest annual pace on record in the third quarter as labour shortages, rising material costs and a surge in electricity charges pointed to unrelenting upward pressure on consumer inflation.

Data from the Australian Bureau of Statistics out on Friday showed producer prices at the final stage of production jumped 1.9 per cent in the third quarter, from the previous quarter.

That lifted the annual pace of growth to 6.4 per cent, from 5.6 per cent, and the highest reading since the series began in late 1998.

The largest contributors to the quarterly jump came in building construction, civil engineering and utilities. REUTERS