The Australian Bureau of Statistics’ monthly inflation indicator has come in much softer than expected, recording 6.9% year-on-year growth in October (versus expected 7.4%):
The trimmed mean measure is 5.3% for October, also significantly lower than the expected 5.7% and 0.1% below September’s 5.3%.
The most significant price rises were Housing (+10.5%), Food and non-alcoholic beverages (+8.9%) and Transport (+7.4%).
Advertisement
On the face of it, the result supports the view that inflation will peak in Q4 and lessens the pressure for the Reserve Bank to hike rates more aggressively.
That said, rents will soar from here as will energy prices if the Albanese Government does not come up with a thorough solution.
Advertisement
