The monthly Consumer Price Index (CPI) indicator rose 7.0 per cent in the year to July and 6.8 per cent to August, according to recent data from the Australian Bureau of Statistics (ABS).
“The information released today provides an early indication of September quarter CPI inflation that will be published on 26 October 2022. The new monthly CPI indicator publication will also be released on 26 October and will include data up to the month of September,” Australian statistician Dr David Gruen AO.
“The monthly CPI indicator saw annual inflation of 6.8 per cent in August compared to 7.0 per cent in July and 6.8 per cent in June. The largest contributors, in the 12 months to August, were New dwelling construction, up 20.7 per cent and Automotive fuel, up 15.0 per cent. The slight fall in the annual inflation rate from July to August was mainly due to a decrease in prices for Automotive fuel. This saw the annual movement for Automotive fuel fall from 43.3 per cent in June to 15.0 per cent in August.”
“Food and non-alcoholic beverages inflation increased to 9.3 per cent in the 12 months to August with prices rising across most food categories, led by fruit and vegetables increasing from 9.1 per cent in June, to 18.6 per cent in August.”
The monthly CPI indicator excluding volatile items of fruit, vegetables and fuel increased from an annual rise of 5.5 per cent in June, to 6.2 per cent in August.
