Costs in the economy sank in the first three months of the year. Australia’s producer price index fell by 0.3 per cent in the March quarter, taking the annual figure to 1.4 per cent, the Australian Bureau of Statistics said. Economists had tipped first-quarter PPI to rise 0.5 per cent and 2.2 per cent for the year. Producer prices, while not having a direct link to consumer prices, give an indication of overall costs changes at work in the economy. The reading comes ahead of official consumer price index data to be released tomorrow which will give the clearest signal yet on whether the Reserve Bank will cut rates ... (full story)