September 2023: Australian CPI Up 1.2%, Annual Rise 5.4%

In the September 2023 quarter, the Australian Consumer Price Index (CPI) increased by 1.2%, resulting in an annual rise of 5.4%, according to data from the Australian Bureau of Statistics (ABS). This quarterly increase was higher than the 0.8% observed in the June 2023 quarter but still lower than the rates seen in 2022. Price increases were noted in most goods and services, but some declines were observed in child care, vegetables, and domestic holiday travel and accommodation.

Key contributors to the rise in the September quarter included automotive fuel (+7.2%), rents (+2.2%), new dwellings purchased by owner-occupiers (+1.3%), and electricity (+4.2%). Notably, automotive fuel prices experienced the largest quarterly increase since March 2022 due to higher global oil prices.

Annual inflation measured at 5.4%, with significant contributions from new dwellings, rents, electricity, and automotive fuel. This marks the third consecutive quarter of decreasing annual inflation, down from its peak of 7.8% in December 2022. Underlying inflation measures, which account for irregular or temporary price changes, showed a decrease in annual trimmed mean inflation from 5.9% in the June quarter to 5.2%.

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