Survey: Australian inflation, business conditions declining

07/18/2013 | Reuters

Australia's product prices were down slightly and consumer prices flat in the second quarter while overall business conditions deteriorated, according to a survey by National Australia Bank. "Business conditions were especially weak in mining, manufacturing and retail, suggesting lower borrowing rates and a falling AUD [Australian dollar] have done little to support activity in these industries," said NAB chief economist Alan Oster. The latest data may add to pressure on the central bank to ease rates.

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