Australia's inflation increases to 4.3% in September
Key points
- Annual inflation accelerated to 4.3% in September, driven by higher housing costs and global oil prices.
- Underlying trimmed mean inflation held steady at 3.6% for the year to September.
- Rising electricity costs, new dwelling construction, and fuel prices remained the primary drivers behind consumer price increases.
The Australian Bureau of Statistics reported that the Consumer Price Index rose 4.3% in the 12 months to September.
The annual figure represents an increase from the 4% rate recorded in the 12 months to August.
"Housing was the largest contributor to annual inflation in September, rising by 5.2%," said Australian Bureau of Statistics Head of Price Statistics Rachael McCririck.
New dwelling prices grew 4.7% as builders passed on higher material and labour costs, down from 5.4% in August.
Transport costs jumped 8.7% over the year due to automotive fuel prices rising 9.4% in September alone.
Trimmed mean annual inflation, which removes volatility like fuel, remained unchanged at 3.6% in September.
On a quarterly basis, the overall consumer price index increased by 1.3% during the September quarter.
