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SYDNEY, Nov 1 Asia Pulse - Despite an increase in the cost of petrol, Australian consumer goods and services prices rose modestly in October, keeping inflation within the Reserve Bank of Australia's target range, a monthly gauge showed.
The TD Securities Melbourne Institute Experimental Monthly Inflation Gauge rose 0.1 per cent in October from a rise of 0.2 per cent in September, to be 2.3 per cent higher than a year ago.
Increases in the cost of automotive fuel and higher rental prices contributed most to the rise, but were offset by falls in the cost of holiday travel and vegetables.
Excluding volatile items, the core inflation measure also rose 0.1 per cent in October, to be 1.4 per cent higher from last year.
The index showed that since December 2003 the annual rise in the inflation gauge has been below 2.5 per cent - the bottom level of the RBA's target two to three per cent band.
Over the three months to October, the annualised inflation rate was 2.5 per cent.
TD Securities chief strategist Stephen Koukoulas said the results ...
Source: HighBeam Research, AUSTRALIAN INFLATION STAYS WITHIN C. BANK TARGET RANGE IN OCT.