Figures released this morning, Wednesday, September 24, during the Asian session, from the Australian Institute of Statistics (ABS), showed that consumer price inflation rose by 3% in August year-on-year, compared to 2.7% in July, while expectations were for a 2.9% increase.
Conversely, core inflation, which excludes volatile items such as motor fuel, fruits and vegetables, and travel, rose by 3.4% in August, compared to 3.2% in July.
The average deflator, which excludes the top 15% of volatile items, slowed after reaching its highest level since 2011 in July, rising by 2.6% from 2.7%.
In detail, the most significant increase in the index in July came from the housing sector, which rose 4.5% from 3.6%, while the food and non-alcoholic beverage index rose 3%, and alcohol and tobacco prices rose 6% from 6.5%. Meanwhile, transportation prices rose 0.4% after a 1% decline in July.