ABS reports 6.9% rise in the monthly CPI indicator in 12 months to October 2022

As per the latest data released by the Australian Bureau of Statistics (ABS), the monthly Consumer Price Index indicator increased 6.9% in 12 months to October 2022. This month’s annual movement of 6.9% is below 7.3% movement in September 2022.

In October, the most significant contributors to the annual rise were:

• New dwellings: 20.4%
• Automotive fuel: 11.8%
• Fruit and vegetables: 9.4%

The rise in the new dwellings were driven by the high levels of building construction along with the ongoing labour shortage.

Some Key Highlights:

• Food and non-alcoholic beverage prices eased from an annual increase of 9.6% in September 2022 to 8.9% in October 2022.
• Improved growing conditions witnessed increased supply of fruit & vegetables. As a result, the prices declined in October compared to September 2022.
•  Annually, prices for fruit and vegetables grew 9.4% in October, down from 17.4% in September 2022.
• Holiday travel and accommodation prices moderated from an annual rise of 12.6% in September 2022 to 3.7% in October 2022. The air fare declined as holiday’s came to an end and lower demand for travel to Europe and America.

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