Canberra: Australia’s rate of inflation accelerated to 5.2 per cent in the 12 months to August, up from 4.9 per cent in the year to July as a result of growing housing and transport costs, the statistics bureau said on Wednesday.
According to data published by the Australian Bureau of Statistics (ABS), a 7.7 per cent increase in transport costs and a 6.6 percent increase in housing prices between August 2022 and August 2023 were the biggest drivers of the CPI spike, reports Xinhua news agency.
Food and non-alcoholic beverage prices increased 4.4 per cent in the same period, down from a 5.6 per cent annual increase in July.
“Food inflation continues to ease although differences remain across the food categories,” Michelle Marquardt, ABS head of prices statistics, said in a media release.
“Prices for bread and cereal products and dairy products have risen over 10 percent in the past 12 months, while fruit and vegetable prices are 8.3 per cent lower compared to 12 months ago due to improved growing conditions.”
Electricity prices were 12.7 per cent higher in August than 12 months earlier and gas prices were up 12.9 per cent annually.
Automotive fuel prices rose 9.1 per cent between July and August and 13.9 per cent annually.
“The annual movement for automotive fuel remains volatile, partly reflecting price changes from 12 months ago, when automotive fuel prices fell 11.5 per cent in August 2022,” Marquardt said.
The federal government and central bank have set a target of keeping annual CPI growth between 2 and 3 per cent.
The central bank said in August it expects that target range to be reached by late 2025.
–IANS
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