March quarter key statistics
Import price index
- Fell 1.0% this quarter but rose 0.9% through the year.
Main contributors to the fall were:
- Petroleum, petroleum products and related materials (-11.1%),
- Inorganic chemical (-11.8%); and
- Road vehicles (including air-cushion vehicles) (-0.6%).
Offsetting rises occurred in:
- Gold, non-monetary (excluding gold ores and concentrates) (+11.2%); and
- Telecommunications and sound recording and reproducing apparatus and equipment (+1.6%).
Export price index
- Rose 2.7% this quarter and 2.3% through the year.
Main contributors to the rise were:
- Gold, non-monetary (excluding gold ores and concentrates) (+11.4%),
- Metalliferous ores and metal scrap (+2.3%),
- Gas, natural and manufactured (+4.3%); and
- Meat and meat preparations (+4.0%).
Offsetting falls occurred in:
- Petroleum, petroleum products and related materials (-7.8%); and
- Non-ferrous metals (-2.8%).
Exchange rate
- The Australian dollar depreciated against the United States dollar.
- This had an upward effect on import and export prices this quarter.
| Dec Qtr 19 to Mar Qtr 20 | Mar Qtr 19 to Mar Qtr 20 | |
|---|---|---|
| % change | % change | |
| Import Price Index all groups | -1.0 | 0.9 |
| Food and live animals | 0.9 | 6.4 |
| Beverages and tobacco | -0.1 | 1.1 |
| Crude materials, inedible, except fuels | -8.1 | -14.3 |
| Mineral fuels, lubricants and related materials | -10.5 | -8.8 |
| Animal and vegetable oils, fats and waxes | 4.0 | 2.7 |
| Chemicals and related products, n.e.s. | -0.6 | -2.4 |
| Manufactured goods classified chiefly by material | 0.0 | 2.7 |
| Machinery and transport equipment | 0.5 | 2.3 |
| Miscellaneous manufactured articles | 0.0 | 2.0 |
| Commodities and transactions, n.e.s. | 11.2 | 31.7 |
| Export Price Index all groups | 2.7 | 2.3 |
| Food and live animals | 3.7 | 9.7 |
| Beverages and tobacco | 2.8 | 11.6 |
| Crude materials, inedible, except fuels | 2.5 | 13.6 |
| Mineral fuels, lubricants and related materials | 1.6 | -16.7 |
| Animal and vegetable oils, fats and waxes | 11.2 | 24.7 |
| Chemicals and related products, n.e.s. | 1.6 | 1.7 |
| Manufactured goods classified chiefly by material | -1.5 | -2.3 |
| Machinery and transport equipment | 1.3 | 3.2 |
| Miscellaneous manufactured articles | 3.3 | 5.3 |
| Commodities and transactions, n.e.s. | 11.0 | 30.0 |
Use of price indexes in contracts
Price indexes published by the Australian Bureau of Statistics (ABS) provide summary measures of the movements in various categories of prices over time. They are published primarily for use in Government economic analysis. Price indexes are also often used in contracts by businesses and government to adjust payments and/or charges to take account of changes in categories of prices (Indexation Clauses).
Use of Price Indexes in Contracts sets out a range of issues that should be taken into account by parties considering including an Indexation Clause in a contract using an ABS published price index.