Australia monthly CPI stays at over three-year low

Australia's Consumer Price Index (CPI) rose 2.1% year-on-year in October 2024, maintaining the same rate as the previous month but falling short of the 2.3% forecast.

Australia monthly CPI stays at over three-year low

This marked the lowest reading since July 2021 and kept inflation within the central bank's target range of 2-3% for the third consecutive month, largely due to the ongoing effect of the Energy Bill Relief Fund rebate. Electricity prices saw a record drop of 35.6%, compared to a 24.1% decrease in September, while automotive fuel also continued to fall, down 11.5% compared to 14.0% the previous month.

Food prices increased

On the other hand, prices for food (3.3%), alcohol and tobacco (6.0%), health (3.9%), education (6.3%), and recreation & culture (4.3%) all rose further. Excluding volatile items and travel, the CPI increased by 2.4% in October, a slowdown from the 2.7% rise in September, marking the lowest increase since November 2021.