Minutes of the Monetary Policy Meeting of the Reserve Bank Board

Sydney - 7 February 2012

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Members Present

Glenn Stevens (Chairman and Governor), Ric Battellino (Deputy Governor), Martin Parkinson PSM (Secretary to the Treasury), John Akehurst, Jillian Broadbent AO, Roger Corbett AO, John Edwards, Graham Kraehe AO, Catherine Tanna

Others Present

Guy Debelle (Assistant Governor, Financial Markets), Philip Lowe (Assistant Governor, Economic), Christopher Kent (Assistant Governor, Economic – designate), Tony Richards (Head, Economic Analysis Department), Chris Ryan (Head of International Department), Anthony Dickman (Secretary), ...

Petroleum demand slips 5.7 percent on heating oil decline

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Total petroleum deliveries (a measure of demand) fell 5.7 percent this January compared with January 2011 to just over 18 million barrels per day. Gasoline deliveries slipped 0.2 percent to 8.4 billion barrels per day. While demand for all major refined products declined, the overall ...

Consumer prices rose 2.5% in the 12 months to January, led by increases for food and energy. The January rise followed a 2.3% increase in December.

Food prices rose 4.2% on a year-over-year basis in January following a 4.4% increase in December. In January, consumers paid 4.9% more for food purchased from stores and 2.8% more for food purchased from restaurants compared with January 2011.

The cost of energy advanced 6.5% in the 12 months to January, after rising 6.0% in December. Gasoline prices increased 6.8% in January. The electricity ...