Australia's annual inflation rate decreased to 3.5% in July, driven by housing, food, and transport costs.
Australia's annual inflation rate declined to 3.5% in July, with the Consumer Price Index (CPI) increasing by 3.5% in the 12 months to July, down from 3.8% in June. Key drivers of inflation include housing prices (4% increase), food and non-alcoholic beverages (3.8% increase), alcohol and tobacco (7.2% increase), and transport costs (3.4% increase). Electricity prices fell by 5.1% due to government rebates. Treasurer Jim Chalmers described the figures as encouraging progress in the fight against inflation, with the aim for inflation to fall further and faster.
August 27, 2024
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