Price For (Almost) Everything Except Houses Rise
However, the price of commodities continues to go up. Chinese steelmakers just agreed to a 85% increase in the price of iron ore they pay to Australian miner Rio Tinto. This means yet another windfall boost to the Lucky Country, which is bullish for the Aussie dollar. It also implies that inflation remains strong in the goods markets.
The combination of high inflation in the goods and services markets and deflation in the housing market was captured in this The Economist cover from May 24, where one says that the price of everything seems to be going up, to which another reply "except my house price".