Australian fourth quarter consumer price inflation data out today was a relatively low 0.4 percent -- with a few huge disclaimers.
First, food prices were up a notable 2.2 percent.
Second, fruit prices were up an alarming 15.5 percent and vegetables were up 11.4 percent.
Third, these numbers don't even include the impact of the enormous Queensland flood. Australia Federal Treasurer Wayne Swan warns: "Despite the fact that these figures are lower than anticipated we do know that the next quarter figure, the March quarter, will see a spike, particularly in vegetable and fruit prices."
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