CPI inflation rises to 7.3%
Monthly consumer price index (CPI), covering November 2022, rose to 7.3%, according to latest figures from the Australian Bureau of Statistics (ABS).
This was up from 6.9% in the previous month and 7.3% in September.
In its release, the ABS said the most significant price rises were housing (+9.6%), food and non-alcoholic beverages (+9.4%), transport (+9%), furniture, household equipment and services (+8.4%) and recreation and culture (+5.8%).
Michelle Marquardt, ABS head of prices statistics, said, “The housing group was the main contributor to the annual increase in the November monthly CPI indicator.
“High labour and material costs contributed to the annual rise in new dwelling prices (+17.9%) although, the rate of price growth for new dwellings has eased compared to the 20.4% per cent annual rise seen in October."
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Laura Dew
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Lies, damned lies, and statistics...ABS says biggest impact in CPI number is housing (+9.6%), and CoreLogic Home Value Index states: Australian housing values down -5.3% over 2022... You can create any view you desire using numbers of your own choosing...