In positive news for the economy, inflation has declined for the first time in three months.
Annual inflation rose from 4.9% in July to 5.2% in August and 5.6% in September, but then fell to 4.9% in October, based on the latest data from the Australian Bureau of Statistics.
Drilling down, there’s a lot of price variation throughout the economy, with prices soaring in some sectors but declining in others:
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Insurance & financial services: 8.6% annual inflation
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Alcohol & tobacco: 6.6%
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Health: 6.3%
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Housing: 6.1%
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Transport: 5.9%
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Food & non-alcoholic beverages: 5.3%
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Education: 4.8%
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Recreation & culture: 2.7%
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Communications: 1.8%
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Furnishings, household equipment & services: 0.4%
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Clothing & footwear: -1.5%
The Reserve Bank has forecast that inflation will fall to 3.5% by the end of 2024 and 2.9% by the end of 2025.
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