Australia’s Inflation Dampening, Hits 2-Year Low

Published on January 31, 2024

Australia’s inflation has dropped again in the three months to December 2023 as price growth for most goods and services moderated. According to the latest data from the Australian Bureau of Statistics (ABS), the annual consumer price index (CPI) grew by 4.1 percent in the December 2023 quarter, down from 5.4 percent in the September quarter and six percent in the June quarter. The figure marks the fourth consecutive drop in the inflation rate and is well below the peak of 7.8 percent in the December 2022 quarter. In terms of quarter growth, the growth in CPI dropped from 1.2 percent in the September quarter to 0.6 percent in the December quarter, the lowest quarterly result since the March 2021 quarter....