Australia Import Prices Slow in Q1

Australia’s import prices edged up by 0.1% quarter-on-quarter in Q1 2026, defying the expected 0.6% fall, though marking a slowdown from a 0.9% rise in Q4 2025. The softer growth was largely due to a 5.1% drop in the cost of office and ADP equipment, reflecting the appreciation of the Australian dollar, which has made imported goods cheaper. Road vehicle prices also declined by 1.1%, weighed down by annual pricing adjustments for existing models. In contrast, prices for petroleum and related products surged 9.8%, as disruptions linked to the closure of the Strait of Hormuz constrained global supply and pushed oil prices higher. Non-monetary gold prices also jumped 10.7%, underpinned by sustained demand from investors and central banks seeking safe-haven assets amid heightened geopolitical tensions and economic uncertainty. Similarly, non-ferrous metals rose sharply by 16.5%, driven in part by a rally in silver prices, as market volatility boosted demand for safe-haven assets.