AVERAGE LEVEL OF PRICES

Press, Volume XCIX, Issue 29177, 11 April 1960, Page 21

AVERAGE LEVEL OF PRICES

Slight Fall During First Quarter The average level of prices fell by five points, or 4 per cent., during the first quarter of this year. This resulted from reduced prices for beer and petrol after reductions in taxation in November and December last year, according to the latest issue of the consumers’ price index by the Department of Statistics. The price index now stands at 1145 points, representing a rise in prices of 14.5 per eent since the revision of the index in 1955. The foods index reached its lowest point since March, 1958. mainly because of a decrease of 49 points in the meat and fish sub-index—represented by decreased prices for mutton and beef.

Price reductions for petrol and beer contributed a fall of five points in compilation of the general price index, reduced mutton and beef prices a fall of two points, and reduced prices for fruit and vegetables, a further four points. Counteracting price Increases were recorded for bacon and ham (three-quarters of a point), women’s clothing (half a point) and houses (1J points). Other small increases distributed throughout the index accounted for the net fall of five points.