The latest figures from the Australian Bureau of Statistics (ABS) show that the monthly inflation rate has slowed to 3.5 per cent in the 12 months leading up to July 2024, a decrease from the previous month’s 3.8 per cent.
The key drivers of this annual rise were increases in housing (4 per cent), food and non-alcoholic drinks (3.8 per cent), alcohol and tobacco (7.2 per cent), and transport (3.4 per cent).
ABS Acting Head of Price Statistics Leigh Merrington noted that excluding volatile items like automotive fuel and fruit and vegetables can reveal the underlying inflation rate, which was 3.7 per cent in July, down from 4.0 per cent in June.
In the housing market, both homeowners and renters saw a slight drop in costs, with housing prices rising by 4 per cent (down from 5.5 per cent in June) and rents increasing by 6.9 per cent (down from 7.1 per cent).
The ABS attributed the lower increase in housing costs to federal government rebates, which led to a 5.1 per cent decrease in electricity prices compared to the previous month.
[ad_2]
Source link
