THE NEWS WRAP: Inflation rate lowest since 1999

Consumer prices rose by 0.5% in the June quarter, with the annual inflation rate of 1.2% the lowest since 1999, according to official figures.

 

The Australian Bureau of Statistics said that the largest price increases were for medical and hospital services, rents, vegetables and furniture, while travel, accommodation and computing equipment saw the sharpest dips.

 

 

SA business admits dodgy carbon tax claims

 

A South Australian business has admitted to the competition watchdog that it falsely blamed price rises on the carbon tax.

 

In an email to customers, refrigeration contractor Equipserve Solutions said that the entire amount of a price rise was due to the carbon tax, rather than any other factor.

 

The company has been given a court-enforceable order to send a corrective note to customers.

 

 

UK recession deepens

 

Australian firms looking to do business in the UK are set for further difficulties, with the British recession deepening further.

 

New figures show the UK economy contracted by 0.7% between April and June, the worst double-dip recession the country has faced in the last 50 years.

 

 

 

Overnight

 

The Dow Jones Industrial Average rose 58.73 points, or 0.47%, at 12,676.05. The Australian dollar was up to US103.09 cents.

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