Financial News: Australia Inflation Eases To 3.4%

Australia Inflation Eases To 3.4%

(RTTNews) - Australia inflation slowed more than expected to a three-month low in November but core inflation remained stable, the Australian Bureau of Statistics said on Wednesday.

The consumer price index rose 3.4 percent year-on-year in November, slower than the 3.8 percent increase in October. This was the slowest since August. Inflation was seen at 3.6 percent. The largest contributor to the increase was housing cost, which climbed 5.2 percent. This was followed by food and non-alcoholic beverages, up 3.3 percent and transport rose 2.7 percent.

However, trimmed mean inflation slowed to 3.2 percent from 3.3 percent in the previous month.

Annual goods inflation eased to 3.3 percent from 3.8 percent. Services inflation was 3.6 percent in November, down from 3.9 percent a month ago.

The slowdown in services inflation was attributed to lower domestic holiday travel costs, following high demand in October due to school holidays and major sporting events.

Annual housing inflation was 5.2 percent in November, reflecting rises in electricity, rents and new dwellings.

On a monthly basis, the CPI remained flat for the second straight month after rising 0.5 percent in September.

Last month, the Reserve Bank of Australia left its key interest rate unchanged for the third straight at 3.60 percent, which was the lowest since March 2023.

The central bank observed signs of a more broad-based increase in inflation and markets had expected the RBA to hike rates at its first meeting of the year in February.

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