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The Guardian
12 hours ago
- Business
- The Guardian
Expensive eggs, rental rises, falling fuel costs: what we learned from the ABS April inflation report
There are high hopes among economists that 2025 will mark the year we got inflation under control. We shouldn't get too complacent but consumer price growth is back below 3%, and according to the Reserve Bank of Australia is going to settle at around its official target of 2.5% over the coming year. But beneath the calm surface, the Australia Bureau of Statistics' consumer price report for April shows some wild swings in prices, and not all are good. Sign up for Guardian Australia's breaking news email So before you pop the champagne (alcoholic drinks up 2.9% since April 2024) and break out the chips (snacks and confectionary up 5.4%) and cheese (up only 0.3%), let's take a look at the movers and shakers in the latest inflation data. Did not knowing the price of eggs cost Peter Dutton the election? Maybe not, but Dutton's guess in a debate during the campaign that a dozen eggs cost $4.20 instantly branded him out of touch with Australians. The ABS figures confirm what the rest of us know: eggs are in short supply and expensive, with prices up 19% in the year to April. The high prices are the result of bird flu ravaging chicken farms in the second half of 2024, which has led to a big drop in availability of eggs. Experts say the situation may not be fully resolved until later this year, and we could be paying $1 an egg at some stage. It's never been a better time to have chickens in your back yard, or to be vegan. The new inflation figures shows rental costs are still rising at a fair clip: up 5% in the year to April. Pressures are easing, though, as rental vacancy rates pick up from their lowest in history. The most recent annual increase is the weakest since February 2023, the ABS says. Still, you are still much more likely to cop a rent rise than before the pandemic, and it's likely to be larger, the figures show. Annual rent changes are being applied to 73% of existing tenants, compared to 28% in 2019, and 83% of new tenants, against 33%. A separate ABS report on the rental market shows that at the peak in 2023, three in four new tenants were paying rents that were more than 10% higher than the previous occupant. The data shows how a majority of landlords took advantage of the lowest vacancy rates in history to increase their rental profits when many Australians were struggling with cost of living pressures. Sign up to Breaking News Australia Get the most important news as it breaks after newsletter promotion If you stayed put you were less likely to get whacked with a 10%-plus rental increase, but it still happened to four in 10 tenants in the period of mid-to-late 2023 and early 2024. It's not all bad news for consumer prices, and a major bright spot for motorists is falling fuel costs. Automotive fuel prices are down 12% in the year to April, and 4% lower than at the start of 2024. The average weekly price for petrol in cities in the week to Sunday was $1.70, according to the Australian Institute of Petroleum, compared to $1.83 in early June 2024 (which is as far back as the AIP's figures go on their website). The figures may help explain why the Coalition's promised cut to the fuel excise failed to resonate. The other major cost of living relief comes in the form of cheaper household power bills, at least against this time last year. Electricity costs are down 6.5% in the year to April, the ABS figures show – in no small part due to the series of taxpayer-funded energy bill rebates courtesy of the commonwealth and state and territory governments. They include the $300 federal rebate delivered in quarterly instalments through 2024-25. If it hadn't been for this support, electricity prices would have been 1.5% higher in the year to April, the ABS said. Still, as the chart below shows, power bills are rising as these rebates roll off. Labor has promised another $150 rebate in the second half of this year.
Time of India
13 hours ago
- Business
- Time of India
Railway ministry to hire signalling staff on contractual basis to meet growing needs
The railway ministry has decided to hire signalling and telecom staff on contractual basis for deployment at 10 to 15 major stations in four railway zones as a pilot project to meet the increasing demand of such personnel. In a letter to the general managers of four railway zones -- Northeast Frontier, East Coast, South Western and Western, the ministry said that in recent years there has been a massive expansion of the railway network. The requirement for S&T (signalling and telecom) staff has increased after the implementation of modern signalling systems like Kavach, Automatic Block Signalling (ABS), Intermediate Block Signalling (IBS) and Interlocking of Level Crossing Gates, among others, the ministry said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Never Throw Away the Water After Boiling Eggs - The Reason is Genius! Tips and Tricks Undo "Moreover, track maintenance has also shifted from manual to mechanised for which requirement of S&T staff for disconnecting and reconnecting of signalling equipment has also gone up drastically," it said in the letter issued recently. "For smooth execution of above-mentioned infrastructure, safety and modernization works, avoiding idling of engineering machines and for optimization of traffic blocks, it is essential that S&T gears maintenance system also gets strengthened," it added. Live Events To address these developments, the ministry asked the four zones to choose respective divisions in which as a pilot project, they can hire technical teams on contractual basis for deployment at stations to assist the signalling and telecom staff. It added that each technical team will comprise one or two supervisors or field engineers and four to five technicians at identified stations. "These teams are to be deployed for activities required in signalling & telecom including breakdowns, night gangs and heavy repair gangs along with track machines, day-to-day maintenance, etc, utilizing them to the full under supervision/along with railway staff," the letter said. It added, "Initially, this may be tried for a period of two years with provision of extension for a further period of one to two years." The ministry also suggested that in these four divisions, the hiring work of contractual staff may be executed through PSUs of Indian Railways having experience in S&T fields such as IRCON, RVNL , RailTel and KRCL by limited tender process. "These zonal railways may properly assess their requirements and while finalizing the tender schedule may coordinate amongst each other so as to have uniformity and ensure the rate reasonableness based on their local conditions," the ministry said.
Hindustan Times
a day ago
- Automotive
- Hindustan Times
2026 BMW M2 CS breaks cover, produces over 520 bhp and 640 Nm of torque. Check details
BMW has tuned every performance system in the M2 CS to enhance control, precision, and driver engagement. Check Offers The 2026 BMW M2 CS has been launched globally as a performance-focused version of its compact M car lineup. Slated to enter production in August at the brand's San Luis Potosi facility in Mexico, this latest CS badge model is said to be a no-compromise, rear-wheel-drive machine aimed squarely at enthusiasts. With more power, aggressive weight-cutting measures, and refined performance hardware, the new M2 CS positions itself as the most exhilarating iteration of the M2 to date. 2026 BMW M2 CS: Design A key hallmark of the CS badge is a diet focused on reducing mass without sacrificing structure, and the 2026 M2 CS delivers on that with numerous carbon-fiber elements. Key highlights include a unique ducktail rear spoiler, which is built into a carbon-fiber trunk lid, along with light alloy forged wheels and feral-looking styling that announces its track credentials. Also Read : BMW Concept Speedtop unveiled for the first time, limited to 70 units globally The carbon motif follows into the interior, where BMW has fitted race-inspired carbon bucket seats as standard fare. The overall curb weight stands at 3,770 pounds—lighter than even the manual version of the regular M2. 2026 BMW M2 CS: Chassis BMW has tuned every performance of the M2 CS to enhance control, precision, and driver engagement. The chassis gets stiffer springs and recalibrated adaptive dampers to ensure sharper handling characteristics. BMW M engineers have also fine-tuned the electronically controlled limited-slip differential, traction and stability control systems, and ABS for more consistent high-speed behavior. In keeping with CS tradition, the vehicle is offered exclusively with BMW's eight-speed automatic gearbox—there's no manual option here—but what it lacks in a stick shift, it makes up for with razor-sharp shifts and responsiveness. Also watch: BMW Changing the way how cars are purchased For those seeking maximum performance, BMW offers optional carbon-ceramic brakes for an additional cost, further reducing unsprung weight and improving braking endurance. 2026 BMW M2 CS: Specifications At the heart of the M2 CS lies a heavily tuned version of BMW's 3.0-liter twin-turbo inline-six engine. It delivers a robust 523 bhp and 649 Nm of torque—substantial gains over the standard M2's output. This power boost allows the M2 CS to sprint from 0 to 100 kmph in just 3.7 seconds and reach a top speed of 188 mph, making it one of the fastest two-door BMWs available. Check out Upcoming Cars in India 2024, Best SUVs in India. First Published Date: 28 May 2025, 08:58 AM IST
Epoch Times
a day ago
- Business
- Epoch Times
Australia Official Inflation Holds Steady, Despite Near-20 Percent Surge in Egg Prices
Australia's annual inflation rate remained unchanged at 2.4 percent in April, reinforcing market expectations that the Reserve Bank may again lower interest rates at its next meeting in July. The Australian Bureau of Statistics (ABS) confirmed on May 28, that headline inflation for the month matched February and March. While this was slightly above the market forecast of 2.3 percent, the figure remains well within the Reserve Bank of Australia's (RBA) inflation target band of 2 to 3 percent. Trimmed mean inflation—regarded as the RBA's preferred measure for assessing underlying price pressures—edged up slightly to 2.8 percent in April, from 2.7 percent the previous month. Egg Prices Surge Nearly 20 Percent, While Rebates Drive Down Electricity Costs Among the top contributors to annual inflation were food and non-alcoholic beverages (up 3.1 percent), housing (up 2.2 percent), and recreation and culture (up 3.6 percent). While overall food inflation slowed compared to March, egg prices surged 18.6 percent year-on-year due to supply constraints caused by bird flu outbreaks and the government-backed cull of over 1 million birds. 'While annual inflation eased for most food categories in April, egg prices were up by 18.6 percent in the past 12 months,' said Michelle Marquardt, ABS head of prices statistics. Related Stories 5/14/2025 5/16/2025 Housing costs rose at a moderate pace, with new dwelling prices up 1.2 percent and rents increasing 5.0 percent—though both were down slightly from March. Electricity prices, meanwhile, fell 6.5 percent over the year to April, helped by taxpayer-backed rebates. 'Without all the Commonwealth and State government rebates, electricity prices would have risen 1.5 percent,' Marquardt added. 'Substantial and Sustained' Inflation Progress: Chalmers Treasurer Jim Chalmers welcomed the data, calling it 'encouraging news.' 'It shows that the progress that we have made together as Australians on inflation has been substantial and it has been sustained,' Chalmers said. 'It is actually the longest period where both measures of inflation have been in a target range since this monthly data started being collected in 2018.' Rate Cut Odds Grow as Price Stability Persists The latest CPI report arrives just a week after the central bank cut the official cash rate to 3.85 percent. Financial markets are now betting heavily on a further reduction, with odds of another cut in July sitting at 78 percent this morning. RBA Governor Michele Bullock recently signaled that she is open to more cuts if inflation remains in check. 'We are prepared to reduce rates again if inflation continues to trend downward and broader economic indicators remain supportive.' However, the Board struck a cautious tone, warning of heightened global uncertainty and volatility in financial markets over the past three months. The statement noted that recent tariff announcements had prompted a market rebound but added that, 'There is still considerable uncertainty about the final scope of the tariffs and policy responses in other countries.'
Sky News AU
a day ago
- Business
- Sky News AU
Consecutive interest rate cuts in doubt after new ABS data showed inflation steady at 2.4 per cent in year to April
Aussies hoping for back-to-back rate cuts may have their hopes dashed as fresh data showed inflation came in hotter than expected. New Australian Bureau of Statistics data showed headline inflation held steady at 2.4 per cent in the year to April while trimmed mean inflation – the middle 70 per cent of price changes that is central to the RBA's call – rose 0.1 per cent to 2.8 per cent. Inflation came in slightly above the market consensus of 2.3 per cent and money markets were pricing in a 60 per cent chance of a cut when the RBA next meets in July after the data was released. This is a fall from the 78 per cent chance factored in on Tuesday. EY's chief economist Cherelle Murphy said the RBA is likely to deliver two more rate cuts during this easing cycle as risks of inflation rising have eased, while economic uncertainty from the US-instigated trade war continues. 'The extent of the cuts will depend on how trade policy and geopolitical frictions impact the global economy and business investment and consumer decisions,' Ms Murphy said. 'We expect at least another two 25bp cuts this year, with possibly more over 2026.' Market analyst at eToro Josh Gilbert said the RBA remains cautious about inflation after delivering a cut last week. 'The RBA will be on watch and ... a rate cut in July is certainly not nailed on,' Mr Gilbert said. 'Last week's rate cut, in which the cash rate decreased to 3.85 per cent, doesn't necessarily set the stage for back-to-back cuts.' The uncertainty from Trump's trade war continues to weigh heavily on the future of the central bank's cash rate calls and the nation's economy. State Street Markets' head of APAC macro strategy Dwyfor Evans said the US trade war, along with Australia's unemployment rate that sits near historic lows, means the RBA will be particularly cautious with future calls. 'Given the continued uncertainty around tariffs, a strong jobs market and the base effects pressures in Q3, expect the RBA to maintain its cautious stance on prospective easing,' Mr Evans said. The cash rate now sits at 3.85 per cent after it was lowered last week for the second time this year. It was held at 4.35 per cent for almost a year and a half as the RBA stamped out post-pandemic inflation. The ABS' latest data showed food and non-alcoholic beverages inflation fell to 3.1 per cent from 3.4 per cent in March in a sign most groceries were dropping in price, according to the ABS' head of prices statistics Michelle Marquardt. 'While annual inflation eased for most food categories in April, egg prices were up by 18.6 per cent in the past 12 months," Ms Marquardt said. "This comes as supply has been affected by bird flu outbreaks.' Housing (up 2.2 per cent) was another large factor in the recent inflation data with rents rising five per cent over the year to April. This marked the lowest annual growth in rents since February 2023 as vacancy rates rise across most capital cities. Electricity prices fell 6.5 per cent in the year to April, compared to a 9.6 per cent fall in the 12 months to March. Power rebates played a significant role for the fall in electricity prices despite the impact of various state and federal concessions phasing out. 'Without all the Commonwealth and state government rebates, electricity prices would have risen 1.5 per cent in the 12 months to April,' Ms Marquardt said.
