Fed: Costello says CPI influenced by sharp increase in food pric

AAP General News (Australia)
04-24-2001
Fed: Costello says CPI influenced by sharp increase in food pric

Federal treasurer PETER COSTELLO says a sharp increase in food prices on the back of
flooding in northern New South Wales and southern Queensland has pushed the inflation
rate up in the March quarter.

Figures out today show prices rose by a much larger than expected 1.1 per cent in the
first three months of this year.

But he says recent food prices rises should be reversed in coming months as supply
returns to normal levels.

AAP RTV eg/klw

KEYWORD: COSTELLO PRICE (CANBERRA)

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