Australia Monthly CPI Stays at Over 3-Year Low
The monthly Consumer Price Index (CPI) in Australia increased by 2.1% year-on-year in October 2024, coming in below market forecasts of 2.3%, unchanged from September's reading of 2.1%, which was the lowest figure since July 2021.
The latest figure brought inflation within the central bank's target range of 2 to 3% for the third consecutive month, largely due to the ongoing impact of the Energy Bill Relief Fund rebate. Electricity prices saw a record decrease (-35.6% vs -24.1% in September), while automotive fuel continued to decline (-11.5% vs -14.0%).
Food inflation was steady (at 3.3%), while prices moderated for alcohol and tobacco (6.0% vs 6.3%), health (3.9% vs 4.8%), and education (6.3% vs 6.4%). Meanwhile, inflation accelerated for recreation & culture (4.3% vs 2.4%).
Source: Trading Economics