Inflation Drops To 6.9%
Inflation rates slowed to 6.9 per cent in the year to October, much lower than analysts’ forecasts.
“This month’s annual movement of 6.9 per cent is lower than the 7.3 per cent movement in September, however CPI inflation remains high,” said Michelle Marquardt, the Australian Bureau of Statistics Head of Prices Statistics.
Analysts had tipped a 7.4 per cent rise.
Food and non-alcoholic beverage inflation dropped from 9.6 per cent in September to 8.9 per cent. Fruit and veg inflation is 9.4 compared to September’s 17.4 per cent.
New housing prices are up 20.4 per cent year-on-year, while petrol remained up 11.8 per cent.