CPI: Inflation Rises 3.8% in Australia
Inflation in Australia has risen to its highest level in over two years, according to the latest figures from the Australian Bureau of Statistics (ABS).
The ABS's Consumer Price Index (CPI) rose by 3.8% in the 12 months to June 2023, the largest annual increase since March 2021.
The rise was driven by increases in the price of food, housing, and transport. Food prices rose by 4.3% in the year to June, the largest annual increase since March 2021. Housing costs rose by 3.7%, and transport costs rose by 4.2%.
The top three commodity groups contributing to the June 2023 headline inflation were the following:
- Food and non-alcoholic beverages (+1.2%)
- Housing (+1.0%)
- Transport (+0.8%)
The CPI is a quarterly measure of inflation published by the ABS. It measures the change in the prices of a basket of goods and services purchased by Australian households.
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