ABS figures released today show that the All Groups CPI, increased by 0.8 per cent in the September quarter and by 3.0 per cent for the year.
Petrol prices were a major contributor to the CPI with prices approaching the record high seen in the March 2014 quarter, due to higher global oil prices in the post COVID recovery and supply disruptions.
“Whilst the September CPI is similar to the June quarter figures of 0.8 per cent and 4.1 per cent the changes in the analytical series were the highest for six years”, according to Mr Adrian Kelly, President of the Real Estate Institute of Australia.
“The quarterly changes for the analytical series of trimmed mean and for the weighted median, which exclude large one-off price impacts, were both at 0.7 per cent and 2.1 per cent for the year. The September quarter saw Trimmed mean inflation increased from 1.6 per cent to 2.1 per cent.”
“Whilst the analytical series are well within the RBA’s target rate of 2-3 per cent and suggest that there will be no immediate pressures on interest rates, any further increases in the series may see revision of the RBA’s expectation of no change in interest rates till 2024.”
