CANBERRA, Oct. 25 (Xinhua) -- Australia's inflation rate accelerated in the third quarter of 2023, data has revealed.
The Australian Bureau of Statistics (ABS) on Wednesday released Consumer Price Index (CPI) data for the September quarter, revealing that inflation hit 1.2 percent between the start of July and end of September, marking an increase from the 0.8 percent rise in prices in the previous quarter.
On an annual basis, consumer prices rose 5.4 percent in the 12 months to the end of September, down from 6.0 percent in the year to June.
According to the state media Australian Broadcasting Corporation (ABC), economists had predicted the quarterly rate would come in at 1.1 percent and the annual figure at 5.3 percent.
The ABS said a 7.2 percent increase in automotive fuel costs, 4.2 percent increase in electricity prices and 2.2 percent rise in rent prices were the biggest drivers of inflation.
Food prices also rose 0.6 percent, the smallest quarterly increase in two years, ABS head of price statistics Michelle Marquardt said in a media release.
"Fruit and vegetable prices fell this quarter due to favorable growing conditions. Berries, grapes, and salad vegetables such as tomatoes, broccoli and capsicums drove the fall," she said.
Rising prices were offset by a 13.2 percent fall in childcare costs due to changes in the government's Child Care Subsidy and falling domestic holiday travel and accommodation costs.
Marquardt said without the changes, which benefited over 1 million families, child care prices would have risen 6.7 percent. ■
