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The annualized 12-month movement of the Australian year-on-year CPI in November 2024 came in at 2.3%. Comparing this figure, the reading of 2.1% as reported in October 2024 was well ahead of the market forecast, which had looked for a rise of 2.2% in November.
Key drivers contributing to the jump in CPI were Food and Non-Alcoholic Beverages at +2.9%, Alcohol and Tobacco at +6.7%, and Recreation and Culture at +3.2%.
However, these rises were somewhat balanced by big dips in:
Electricity: -21.5%
Automotive Fuel: -10.2%
Looking at CPI excluding more volatile items and holiday travel, the figure rose 2.8%, whereas two months ago, it had risen 2.4%. The trimmed mean inflation, or the core inflation measure, was at 3.2%, having dropped from the previous 3.5%.
This CPI data is important as it indicates the present state of the economy and impacts decisions by monetary authorities in Australia. It is still within the Reserve Bank of Australia's target inflation range of 2-3%.
