Administered prices increased well above the upper end of the target range for more than 20 months, accelerating from 7.1 per cent in September 2010 to around 12.0 per cent in August 2011.
Rising prices for food, petrol and electricity contributed 1.1 percentage points, 1.6 percentage points and 1.0 percentage point respectively to the August reading, and greatly influenced what otherwise would have been a somewhat more benign inflation environment. Core inflation has also edged up in recent months, although the overall underlying inflation trend appears relatively well contained for now.