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Australia's CPI increases 1% in March 2024 quarter

25 Apr '24

1 min read

Australia's CPI increases 1% in March 2024 quarter

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Australia's CPI saw a 1 per cent quarterly rise in the March 2024 quarter, with an annual increase of 3.6 per cent, according to ABS.
The clothing and footwear sector saw a 1.1 per cent drop due to sales, but a 0.4 per cent rise over the year.
Tradables fell 0.2 per cent this quarter, while the trimmed mean inflation rate decreased to 4 per cent annually.

The consumer price index (CPI) rose by 1 per cent quarter-on-quarter (QoQ) in the March 2024 quarter, with an annual increase of 3.6 per cent, according to the Australian Bureau of Statistics (ABS). This data highlights the ongoing economic trends affecting the cost of living in Australia.

The clothing and footwear group experienced a quarterly decrease of 1.1 per cent, primarily due to a drop in prices across garments, footwear, and accessories and clothing services. These declines were attributed to promotional activities related to back to school and New Year sales. However, over the past year, this group has seen a slight rise of 0.4 per cent. Notably, men's garments increased by 2.4 per cent, contributing significantly to the annual growth in this sector.

The tradables sector witnessed a slight decrease of 0.2 per cent this quarter, influenced by a dip in international holiday travel costs. However, when adjusted seasonally, the tradables component of the all groups CPI showed a marginal increase of 0.2 per cent, as per ABS.

Looking at broader inflation measures, the annual trimmed mean inflation rate was reported at 4 per cent, a slight decrease from 4.2 per cent in the previous December 2023 quarter.

Fibre2Fashion News Desk (DP)

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