Australian Bureau of Statistics (ABS) has reported a 1.8% growth in the Consumer Price Index in June 2022 quarter. It increased 6.1% annually. The most substantial price increases were new dwelling purchases by owner-occupiers by 5.6%, Automotive fuel by 5.6% and furniture by 7%.
The most significant contributors to the increase in the June quarter CPI were new dwellings and automotive fuel. Shortage of building supplies and labour, high freight costs and continuing high levels of construction activity continued to contribute to price increase for newly built dwellings.
The Consumer Price Index’s automotive fuel series touched record high for the 4th consecutive quarter. The prices of fuel increased strongly during May and June 2022.
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