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Australia’s inflation rate rose to 3.8 percent in October, up from 3.6 percent the previous month, driven primarily by housing costs and the expiration of government electricity rebates, the Australian Bureau of Statistics reported Wednesday.
The increase marks the first release of the complete Monthly Consumer Price Index, which will now serve as Australia’s primary measure of headline inflation. Housing costs surged 5.9 percent annually, representing the largest contributor to inflationary pressure.
Electricity costs rose 37.1 percent over the 12 months to October, though the bureau attributed most of the increase to state government electricity rebates being exhausted by households. When excluding rebate effects, electricity prices rose 5 percent, reflecting annual price reviews from energy retailers.
Michelle Marquardt, the ABS head of prices statistics, said the transition from quarterly to monthly reporting will provide more frequent insights into price movements across the economy.
Food and non-alcoholic beverages increased 3.2 percent, with meat and seafood prices climbing 3.8 percent due to strong overseas demand for Australian red meat. Services inflation reached 3.9 percent, driven by rents up 4.2 percent, medical and hospital services up 5.1 percent, and domestic holiday travel rising 7.1 percent.
The October inflation figure sits above the Reserve Bank of Australia’s target band, potentially influencing future monetary policy decisions as policymakers assess cost-of-living pressures facing Australian households.
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