Fresh update on Australia’s inflation crisis as new figure shows where Aussies are hurting the most
Inflation in Australia is moderate, but electricity and gas prices are still rising by double digits.
The consumer price index fell to 4.9 percent in October, compared with an annual pace of 5.6 percent in September.
Monthly figures from the Australian Bureau of Statistics were at their lowest level since July, but the moderation was short-lived.
Some items were still up by double digits in October, with electricity prices rising 10 percent over the year, while gas prices rose 13 percent.
But pressure on energy prices is easing from even higher levels after Treasurer Jim Chalmers announced rebates of up to $500 to the Energy Bill Relief Fund in the May budget.
A year ago, the federal government intervened in the gas market and capped wholesale prices at $12 per gigajoule for a year.
Inflation in Australia is moderate, but electricity and gas prices are still rising by double digits
However, Labor had gone into the last election promisingly to reduce the average energy bill by $275 by 2025.
Gasoline price increases have also moderated, falling to 8.6 percent in October from 19.7 percent in September.
Prime Minister Anthony Albanese’s personal ratings in opinion polls have fallen as the cost-of-living crisis shows few signs of ending.
The Reserve Bank this month raised interest rates for the 13th time in 18 months, taking the cash rate to a 12-year high of 4.35 percent.