Australian CPI Rises 1.0% in Q1 2024, Education and Housing Main Drivers,

Australia, Police

The latest data from the Australian Bureau of Statistics (ABS) reveals that the Consumer Price Index (CPI) in Australia rose by 1.

This quarterly increase is higher than the 0.

Annually, the CPI rose by 3.

March 2024 quarter, showing a decrease from the previous quarter’s 4.

December 2022.

The main contributors to the rise in the CPI during the March quarter were education, health, housing, and food and non-alcoholic beverages.

Education fees experienced the strongest quarterly rise since 2012, with tertiary education fees increasing by 6.

Additionally, rents increased by 2.

The rise in housing costs was driven by both rental prices and new dwellings purchased by owner-occupiers.

Rental prices, in particular, increased at their fastest rate in 15 years due to low vacancy rates across the capital cities.

Meanwhile, food and non-alcoholic beverage prices saw an increase, with non-alcoholic beverages, fruit and vegetables, and food products not elsewhere classified contributing to the rise.

Overall, the CPI increase reflects the impact of higher costs in various sectors of the economy.

The ABS’s underlying inflation measures, such as the annual trimmed mean inflation, indicate a decrease from the previous quarter, suggesting a downward trend in inflation.

However, it is crucial to monitor these figures closely, as they provide insights into the overall health of the Australian economy.