Australia Inflation Weakest Since Early 2022
10 Gennaio 2024 - 1:50AM
RTTF2
Australia's consumer price inflation softened to the lowest in
nearly two years in November, figures from the Australian Bureau of
Statistics showed on Wednesday.
The consumer price index posted an annual increase of 4.3
percent in November, slower than the 4.9 percent rise in October.
This was the slowest inflation since January 2022 and also below
economists' forecast of 4.4 percent.
Excluding volatile items and holiday travel, underlying
inflation moderated to 4.8 percent from 5.1 percent in October. The
rate hit the lowest since March 2022.
The most significant contributors to the November annual
increase were housing, food and non-alcoholic beverages, insurance
and financial services and alcohol and tobacco.
Housing cost advanced at a faster pace of 6.6 percent and prices
of food and non-alcoholic beverages gained 4.6 percent. Cost of
insurance and financial services grew 8.8 percent and alcohol and
tobacco prices moved up 6.4 percent.
At the same time, automotive fuel prices rose only 2.3 percent.
On a monthly basis, auto fuel prices fell 0.5 percent as crude oil
prices continued to soften, reaching a five-month low.
"With price pressures cooling in earnest, we're growing
increasingly confident in our call that the RBA will start to cut
rates as early as May", Capital Economics' economist Abhijit Surya
said.
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