ABS data shows that the Consumer Price Index (CPI) rose 6.8% in the twelve months to February.
“This is down on the annual figure for the year to January of 7.4% and 8.4% for the twelve months to December 2022 and points to a clear downward trajectory in the rate of increase”, said REIA President, Hayden Groves.
“When ABS excludes the volatile items of fruit and vegetables and automotive fuel the annual increase is 6.9% – down on the twelve months to January figure of 7.5%.
“The analytical series seasonally adjusted figure was also down to 7.1% compared to 7.3% in January and 8.2% in December.
“The most significant contributors to the annual increase in the February monthly CPI indicator were housing (9.9 %), food and non-alcoholic beverages (8.0 %) and transport (5.6%) with the annual increase for the housing group lower than January’s 10.4% and Decembers 10.6%.
“Rents continued to rise with an annual increase of 4.8% in February the same as January’s compared to the 12 months to December of 4.1%.
