Inflation rose 7.4 per cent within the yr to January, new figures from the ABS revealed on Wednesday.
The Consumer Price Index indicator is decrease than the 8.4 per cent rise within the yr to December.
Head of costs statistics at ABS, Michelle Marquardt, mentioned whereas it was a slight enchancment, it was nonetheless the “second highest annual increase” for the reason that begin of the month-to-month CPI indicator sequence in 2019.
The most important contributors to the annual improve in January have been housing – with a 9.8 per cent rise, and meals and non-alcoholic drinks with an 8.2 per cent.
Meanwhile, Australia’s Gross Domestic Product grew 0.5 per cent within the December quarter and by 2.7 per cent all year long.
More to come back.
Source: www.perthnow.com.au
