Retail

Australia's CPI up 0.2% QoQ, 2.8% YoY in Q3 2024

01 Nov '24

2 min read

Australia's CPI up 0.2% QoQ, 2.8% YoY in Q3 2024

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Australia's CPI rose by 0.2 per cent quarter on quarter and by 2.8 per cent YoY in Q3 2024.
Trimmed mean annual inflation was 3.5 per cent in Q3 2024, down from Q2's 4 per cent.
Annual goods inflation was 1.4 per cent in Q3, dropping from 3.2 per cent in Q2.
The monthly CPI indicator rose by 2.1 per cent in the 12 months to September, down from a 2.7-per cent rise in the 12 months to August.

Australia’s consumer price index (CPI) rose by 0.2 per cent quarter on quarter (QoQ) and by 2.8 per cent year on year (YoY) in the third quarter this year, according to the Australian Bureau of Statistics (ABS).

"The September quarter’s rise of 0.2 per cent is the lowest outcome since the June 2020 quarter fall which occurred during the COVID-19 outbreak,” ABS head of prices statistics Michelle Marquardt said in a release.

“Annually, the September quarter’s rise of 2.8 per cent was down from 3.8 per cent in the June quarter. This is the lowest annual inflation rate since the March 2021 quarter,” he noted.

While prices continued to rise for most goods and services, these increases were offset by large falls for electricity and automotive fuel prices.

Trimmed mean annual inflation was 3.5 per cent in Q3 2024, down from 4 per cent in Q2.

Annual goods inflation was 1.4 per cent in Q3 2024. The decline in annual goods inflation from 3.2 per cent in Q2 was due to the significant falls in electricity and fuel prices.

The monthly CPI indicator rose by 2.1 per cent in the 12 months to September, down from a rise of 2.7 per cent in the 12 months to August. This is the lowest annual increase since July 2021.

Fibre2Fashion News Desk (DS)

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