Softening Inflation Brings Small Relief to Australians in February
Australia’s monthly inflation rate decreased for the second consecutive month in February, providing a small but much-needed relief for households struggling with rising living costs.
According to new data from the Australian Bureau of Statistics (ABS), the monthly consumer price index rose by 6.8 percent in the 12 months to February, down 0.6 percent from January.
The February result was lower than market expectations of a 7.2 percent rise.
“This marks the second consecutive month of lower annual inflation, also known as ‘disinflation’, from the peak of 8.4 percent in December 2022,” ABS head of prices statistics Michelle Marquardt said.
The most significant contributor to the annual rise in inflation was housing (up 9.9 percent), followed by food and non-alcoholic beverages (up eight percent), transport (up 5.6 percent) and recreation and culture (up 6.4 percent)….