Monthly Consumer Price Index (CPI) Shows 4.9% Rise in October 2023

Highlights:

• The Monthly Consumer Price Index (CPI) for October 2023 reveals a 4.9% increase in the 12 months leading up to October.
• The Australian Bureau of Statistics (ABS) has released a media statement and an article titled 'What changes in prices and their collection tell us about Australia.
• Annual trimmed mean inflation was 5.3% in October, down slightly from the rise of 5.4% in September.

Source : Australian Bureau of Statistics

Inflation Overview

The latest release of the Monthly Consumer Price Index (CPI) for October 2023 reveals a 4.9% increase in the 12 months leading up to October. Housing, Food and non-alcoholic beverages, and Transport witnessed the most significant price rises at 6.1%, 5.3%, and 5.9%, respectively.

75 Years of CPI

In celebration of 75 years of CPI data collection, the Australian Bureau of Statistics (ABS) has released a

media statement and an article titled 'What changes in prices and their collection tell us about Australia.'

Key Statistics and Main Features

• All groups' monthly CPI rose 4.9% in the 12 months to October.
• Housing, Rents, and Electricity experienced notable increases.
• New dwelling prices rose 4.7%, reflecting eased price growth due to improved supply.
• Rent prices increased 6.6%, with a monthly decrease of 0.4% attributed to changes in Commonwealth Rent Assistance.
• Electricity prices, up 10.1% annually, saw a 3.4% monthly increase driven by the unwinding of Energy Bill Relief Fund rebates.
• Tobacco prices recorded the highest annual increase since August 2021, rising by 10.4%.
• Automotive fuel prices rose 8.6% in the 12 months to October, showing a decrease from September's 19.7% rise.

Monthly Overview

The 4.9% rise in the monthly CPI indicator for October marks a slight decrease from the 5.6% increase in September. Excluding volatile items and holiday travel, the CPI indicator rose 5.1% annually. Annual trimmed mean inflation was 5.3% in October, down slightly from the rise of 5.4% in September.

Conclusion

The CPI data for October 2023 reflects a dynamic economic landscape with notable fluctuations in key sectors. Rising prices in essential categories underscore the ongoing challenge of managing inflation, prompting consumers and policymakers to closely monitor economic indicators in the months ahead.

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