Final demand producer prices in Australia were up 1.1 percent on quarter in the third quarter of 2021, the Australian Bureau of Statistics said on Friday – up from 0.7 percent on quarter in the previous three months.
On a yearly basis, producer prices climbed 2.9 percent, up from 2.2 percent in the three months prior.
Major contributors to growth were:
. Heavy and civil engineering construction (+2.1 percent), due to rises in wages and materials supported by increased public sector investment stimulus.
. Output of building construction (+2.2 percent), due to builders continuing to pass through increases in material and trade prices, supported by continued strong demand for housing.
. Petroleum refining and petroleum fuel manufacturing (+11.8 percent), due to rising global crude oil demand and delays in OPEC+ oil agreement to raise production.
Offsetting the rise were price falls in accommodation services (-5.5 percent), due to decreased domestic travel demand, resulting from COVID-19 restrictions and border closures throughout the quarter.