Property Driving Inflation
Australia’s inflation rate is continuing to rise driven in part by house price increases.
The latest Consumer Price Index (CPI) data from the Australian Bureau of Statistics, shows inflation rose 3.6% in the 12 months to April 2024, up from 3.5% in March.
ABS head of prices statistics, Michelle Marquardt, says inflation has been relatively stable over the past five months, although it is the second month in a row where annual inflation has had a small increase.
Housing (+4.9%), food and non-alcoholic beverages (+3.8%), alcohol and tobacco (+6.5%) had the biggest impact on the latest inflation figures.
Marquardt says when excluding some of the more volatile items from the monthly CPI indicator, the annual rise to April was steady at 4.1%.
According to the ABS rents increased 7.5% in the year while new dwelling prices rose 4.9%.
