February marks the second consecutive month of lower annual inflation, also known as ‘disinflation’, from the peak of 8.4 per cent in December 2022.
“The ABS is continuing to improve the monthly CPI indicator where possible and has added a new monthly series for electricity prices into the indicator. This new series showed that electricity prices rose 17.2 per cent for the year to February,” said Michelle Marquardt, ABS head of prices statistics, said in a press release.
Australia’s Consumer Price Index (CPI) rose by 6.8 per cent in the year to February 2023, which is lower than the 7.4 per cent rise reported in January 2023.
This is the second consecutive month of lower annual inflation, known as ‘disinflation,’ from the peak of 8.4 per cent in December 2022.
Fuel prices rose by 5.6 per cent in the year to February.
Automotive fuel prices rose 5.6 per cent in the year to February, down from January’s annual rise of 7.5 per cent. While fuel prices drove the increase in transport, annual growth for fuel is the lowest it has been in two years.
Fibre2Fashion News Desk (KD)