Australian Inflation Eases to 3.5 Percent in July as Electricity Rebates Kick In

Australia’s annual inflation eased slightly in July, driven by a fall in the electricity price due to government rebates for consumers. However, this was offset by rises in food, clothing, alcohol, non-alcoholic beverages, and gas. Housing prices also rose in July but at a slower pace than in June. Australian Bureau of Statistics (ABS) stats shows the monthly Consumer Price Index (CPI) rose 3.5 percent in the 12 months to July 2024, down from 3.8 percent the previous month. Housing increased by 4 percent, food and non-alcoholic beverages increased by 3.8 percent, alcohol and tobacco surged by 7.2 percent, and transport rose by 3.4 percent year on year....