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Australian inflation rises to 3.8 pct

CANBERRA
2024-07-31 11:24

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CANBERRA, July 31 (Xinhua) -- Australia's annual rate of inflation has increased for the first time in 18 months.

According to official figures released by the Australian Bureau of Statistics (ABS) on Wednesday, the consumer price index (CPI) -- Australia's headline measure of inflation -- rose by 3.8 percent in the 12 months to the end of June, up from 3.6 percent in the year to March.

It marks the first increase in the annual rate of inflation since the 12-month period that ended in December 2022 when inflation hit a 32-year high of 7.8 percent.

Responding to the data, Treasurer Jim Chalmers said that inflation was broadly in line with expectations.

"Inflation is still sticky and stubborn across our economy, and more persistent than we would like," he said in a statement posted on social media.

The ABS said the CPI rose by 1.0 percent in the three months to the end of June, matching the rise in the first three months of 2024.

It identified a 1.1 percent rise in housing costs and 1.2 percent increase in the price of food and non-alcoholic beverages as the biggest drivers of inflation in the June quarter.

Fruit and vegetable prices were 6.3 percent higher at the end of June than at the end of March.

"Fruit and vegetable prices rose this quarter as unfavourable growing conditions drove higher prices for grapes, strawberries, blueberries, tomatoes and capsicums. This was the highest quarterly rise for fruit and vegetables since 2016," Michelle Marquardt, head of prices statistics at the ABS, said in a statement.

Housing prices were 5.2 percent higher in June than 12 months earlier, and food and non-alcoholic beverage prices were up 3.3 percent in the same period.

Electricity prices increased by 6 percent over the 12 months.
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