Figures released this morning, Wednesday, August 27, during the Asian session, by the Australian Bureau of Statistics (ABS) showed that consumer price inflation rose by 2.8% in July year-on-year, compared to 1.9% in June, while expectations were for a 2.3% increase.
Conversely, core inflation, which excludes volatile items such as motor fuel, fruits and vegetables, and travel, rose by 3.2% in July, compared to 2.5% in June.
The average deflator inflation index, which excludes the top and bottom 15% of volatile items, rose by 2.7%, up from 2.1%, marking the largest monthly increase since December 2022.
In detail, the most significant increases in the index in July came from the housing sector, which rose by 3.6% from 2%, and food and non-alcoholic beverages, which rose by 3%. Alcohol and tobacco prices rose by 6.5% from 5.7%, while the transport sector declined by 1%.