ABS reports a 7.3% increase in CPI indicator in 12 months to November 2022

Australian Bureau of Statistics (ABS) announced that the monthly CPI indicator increased 7.3% in 12 months to November 2022. The agency highlighted that price rise in housing was 9.6%, Food and non-alcoholic beverages was 9.4%, transport was 9%, furniture, household equipment and services were 8.4% and Recreation and culture was 5.8%.

The price rise in housing was driven by new dwelling prices along with the increase in the rent prices. The increase in the food price was driven by high input cost and supply issues. Over 12 months to November 2022 price rises were seen across all food categories. The higher excise tax boosted the automotive fuel prices. The fuel prices increased 16.6% in the 12 months to November, up from 11.8% in October 2022.

The prices of Furniture, household equipment and services group increased 8.4% in 12 months to November 2022 due to higher freight charges and the increased raw material cost. Holiday travel and accommodation prices increased  12.8% in the year to November 2022, up from 3.7% in October 2022. The increase in the price was driven by increased jet fuel prices and strong travel demand throughout 2022.

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