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."
AUTHOR
Laura Dew
Recommended for you
Over half of wealth management clients in Asia-Pacific say they are looking for more advice in investment and financial planning services, according to EY, and may switch or add new providers to achieve this.
As artificial intelligence continues to reshape how the advice industry operates, Adviser Ratings unpacks which areas advisers are using the technology to improve the client experience.
Insignia Financial has appointed the former APAC head of a global asset manager to its board.
Financial advisers have been warned against advising clients to withdraw superannuation for medical or dental treatments as a new report highlights the long-term effect on balances at retirement.
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...
Add new comment