Australia Inflation Hits 4.3% as Fuel Prices Jump More Than 20%
Updated
Updated · The Guardian · Oct 28
Australia Inflation Hits 4.3% as Fuel Prices Jump More Than 20%
3 articles · Updated · The Guardian · Oct 28
Summary
Australia’s annual inflation rate rose to 4.3% in September, with the report tying the jump largely to the Middle East conflict and a sharp rise in fuel costs.
Fuel prices climbed more than 20% over the past year, while overall consumer prices are now 23% higher than at the end of 2021 after years of accumulated cost-of-living pressure.
Essential household costs led the longer-term increases: gas is up 49%, insurance 46%, postal services 40%, homebuilding 36%, electricity 35% and rents 27%.
Food staples also stayed under pressure, with oil and eggs up more than 40% in five years and bread, milk and fruit rising more than 30%.
Some non-essentials offered relief—public transport fees fell 5%, electrical goods were broadly flat, and clothing and childcare rose just 4% to 7%—but the latest inflation print still adds to pressure on the RBA before its rates decision.