Australia’s Consumer Inflation Expectations rose to a 7-month high of 3.2% for July, according to the Melbourne Institute’s survey. Indeed, rising oil costs in recent months may have contributed to worries that the price of goods will rise in the coming month. Three of the last four months saw consumer expectations of such upward pressure rise. A deeper look into the data shows that nearly 70% of the public foresaw these costs increase with only 3.2% suggesting they would decrease.
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