Australia's annual inflation hits 32-year high in Q3

ANKARA

Australia's annual consumer inflation climbed to 7.3% in the third quarter of this year, the highest since 1990, according to Australian Bureau of Statistics (ABS) data released on Wednesday.

Boosted by a surge in costs of dwelling construction and automotive fuel, the July-September figure accelerated from 6.1% in the previous quarter.

The market forecast was a 7% year-on-year increase in consumer prices in three months to September.

The costs of new dwellings soared 20.7% from a year ago and automotive fuel jumped 18% in the third quarter.

"For the second consecutive quarter, annual price inflation for new dwellings was the strongest recorded since the series commenced in 1999, as high material and labor costs mingled with high demand", Program Manager of Prices at the ABS, Michelle Marquardt said.


Prices of food jumped 9% from a year ago in the third quarter, the largest rise since 1983.

On a quarterly basis, consumer prices rose 1.8% in the July-September period, exceeding the market forecast of 1.6%.

"The most significant contributors to the rise in the September quarter were new dwellings (3.7%), gas (10.9%) and furniture (6.6%)," the statistical office said.

Australia's monthly Consumer Price Index (CPI) indicator increased 7.3% year-on-year in September, from an upwardly revised 6.9% rise in August, according to the Australian Bureau of Statistics.

It was the highest monthly CPI inflation at least since September 2018.