The Consumer Price Index [CPI] increased by 1.8 per cent in the September 2022 quarter and 7.3 per cent annually, according to the latest data from the Australian Bureau of Statistics [ABS].
ABS prices program manager Michelle Marquardt said recent results represent the highest annual increase in the CPI since 1990.
“This quarter’s increase matches that of last quarter and is lower than the 2.1 per cent result in March quarter this year,” she said.
“All three results exceed any other quarterly results since the introduction of the Goods and Services Tax [GST].”
The most significant increases in the September quarter were new dwellings (3.7 per cent), gas (10.9 per cent) and furniture (6.6 per cent).
Food prices continued to rise by 3.2 per cent in the September quarter, driven by restaurant meals and takeaway foods (up 2.9 per cent) due to higher ingredient, wage and transportation costs.
Fruit (6.6 per cent) and vegetables (2.9 per cent) continued to rise through the quarter reflecting high input costs and weather-damaged crops, although vegetable prices eased in the month of September.
Partially offsetting the September quarter rise was automotive fuel (down 4.3 per cent), which fell in all three months of the quarter, reflecting falling crude oil prices.
Annually, the CPI increased by 7.3 per cent, with new dwellings (20.7 per cent) and automotive fuel (18.0 per cent) the most significant contributors.
