The monthly Consumer Price Index (CPI) indicator rose 6.8% in the year to February 2023, according to the latest data from the Australian Bureau of Statistics (ABS).
Michelle Marquardt, ABS head of prices statistics says: "This month's annual increase of 6.8% is lower than the 7.4% annual rise reported in January 2023. This marks the second consecutive month of lower annual inflation, also known as ‘disinflation’, from the peak of 8.4% in December 2022."
The most significant contributors to the annual increase seen in February were Housing (+9.9%), Food and non-alcoholic beverages (+8%), Transport (+5.6%) and Recreation and culture (+6.4%).
Ms Marquardt also says, “The annual increase for the Housing group in February (+9.9%) was lower than January (+10.4%). New dwellings grew 13% in the 12 months to February which is the lowest annual growth since February 2022 as price rises for building materials continue to ease. Rent prices rose again due to the tight rental market, maintaining the 4.8% annual growth recorded in January."