Australia’s inflation rate slows to 6 percent for the second quarter in a row.
Australia’s consumer price index rose 6 percent year-on-year in the second quarter, up from 7 percent in the first quarter.
This also indicates that the inflation rate has slowed from the 33-year high of 7.8 percent seen in the fourth quarter of 2022. The market expectation was that the inflation, which was 7.0 percent in the previous period, would decrease to 6.2 percent.
Prices for insurance and financial services, and food and entertainment and cultural activities saw the largest increases in the second quarter, according to data released by the Australian Bureau of Statistics (ABS).
Trimmed average inflation, tracked by the Reserve Bank of Australia as its main measure of inflation, fell from 6.6 percent in the first quarter to 5.9 percent in the second quarter. The “cropped average inflation” is the weighted average of the central 70 percent of the quarterly distribution of price changes for all CPI components.