Inflation Eases Slightly to 4.9 Percent in October Ahead of Rate Rise Decision

Inflation in Australia has eased in October but is still up 4.9 percent year-on-year ahead of a cash rate decision next week.

The monthly CPI indicator jumped 4.9 percent in the 12 months to October, a fall from 5.6 percent in the year up to September, Australian Bureau of Statistics (ABS) data shows.
Alcohol and tobacco inflation rose to 6.6 percent year on year, up from 5.8 percent in the previous month. Housing inflation eased slightly to 6.1 percent, down from 7.2 percent in the 12 months up to September.

In the housing category, rent prices have risen 6.6 percent in a year, while electricity prices have surged 10.1 percent in a year.

Food and non-alcoholic beverages inflation jumped 5.3 percent in the 12 months up to October, up from 4.7 percent in the 12 months up to September.

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