Posts by "digi"

Ashraff on canadian bussines channel live

just heard

chinese comercial banx halting mortgages

china goin bust

ok
goin to my lokal grocery , need to buy some bananas

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Stock Quotes:
Search ....Bureau inflation figures going bananas Anthony Klan From: The Australian July 29, 2011 12:00AM Increase Text SizeDecrease Text SizePrintEmail Share
Add to DiggAdd to del.icio.usAdd to FacebookAdd to KwoffAdd to MyspaceAdd to NewsvineWhat are these? The cost of bananas has surged by 470 per cent since Cyclone Yasi Source: Supplied
THE humble banana has been unfairly fingered as the leading cause of the surprise inflation surge; the shortage of the fruit has meant the numbers of bananas sold is actually just a fraction of those reflected by statistics bureau figures.
According to the Australian Banana Growers Council, the average supply of bananas in Australia is 550,000 trays a week, but following Cyclone Yasi -- and subsequent north Queensland frosts -- supply fell to as few as 35,000 trays a week.

Regardless, in a downside to the Australian Bureau of Statistics' "fixed basket" approach to measuring inflation, the bureau continues to record banana sales at the levels seen in an ordinary market, but multiplies those high sales levels with the massive prices paid for the yellow fruit when supply evaporates.

"It is a fixed basket so we assume people are still buying the normal amount of bananas, which in reality people will substitute to other goods," said Lewis Conn, the ABS director for the Consumer Price Index. "So essentially it means bananas (do) have a marked effect (on inflation)."

Start of sidebar. Skip to end of sidebar.
Related Coverage.Not so appealing price of bananas Herald Sun, 1 day ago
Pricey bananas behind inflation The Australian, 1 day ago
Banana prices tipped to slide Perth Now, 1 day ago
CPI rise dominated by bananas, petrol The Australian, 1 day ago
Going bananas over high prices Herald Sun, 17 Jun 2011
..End of sidebar. Return to start of sidebar.
Bananas were the single biggest culprit behind surging grocery prices -- with fruit prices surging a massive 67 per cent in the past year according to the ABS -- helping push the inflation rate up to 0.9 per cent in the June quarter.

The cost of bananas has surged by 470 per cent since Cyclone Yasi, compared to petrol, which was up 4 per cent, and furniture, up 6 per cent. The ABS calculates shifts in the Consumer Price Index (the key measure of inflation) by calculating changes in prices of a pre-determined "basket of goods", including food, education, petrol and rents.

The prices paid for each of the products are continually monitored, with those prices used to produce the quarterly inflation figures. However, the volumes of the products consumed are only updated every few years.

The quantities of bananas used to calculate the most recent inflation figures are based on consumption rates in 2005, determined by the ABS by surveying 7000 households at that time.

Those figures will be updated next quarter.

Mr Conn said while the fixed-basket approach had some drawbacks, continually updating consumption levels raised far more problems. For example, inflation could be recorded in figures as a price fall because people substituted scarcer products, such as lamb, for cheaper products such as chicken.

"A rise in fruit prices because of the floods and Cyclone Yasi is leading to some volatility currently, which is one of the problems of the fixed basket," Mr Conn said.
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Costly bananas bend inflation towards the sky : Reply
PRICES have officially gone bananas this year, with the scarce yellow fruit the single biggest culprit behind higher grocery prices.
The cost of bananas has soared 470 per cent in the wake of Cyclone Yasi, helping to push the inflation rate up 0.9 per cent in the June quarter.

bananas are on the news again

gotta tell it to the skipper

he should switch to smugling them from jam to aus , 470% raise