Australia’s annual inflation rate increased in the 12 months to November, but an important underlying trend number fell.
The latest Australian Bureau of Statistics (ABS) data showed the monthly Consumer Price Index indicator rose 2.3 percent in the 12 months to November 2024, up from a 2.1 percent rise in the 12 months to October.
ABS Head of Prices Statistics Michelle Marquardt said the rise was, in part, due to the timing of electricity rebates.
“In some states and territories, households received two rebate payments in October in lieu of not receiving a payment in July. From November most households received one payment,” Ms Marquardt said.
“As a result, electricity prices fell 21.5 percent in the 12 months to November, compared to a fall of 35.6 percent to October.”
She said when prices for some items changed significantly, measures of underlying inflation, like the annual trimmed mean, could give more insights into how inflation was trending.
“Annual trimmed mean inflation was 3.2 percent in November, down from 3.5 percent in October.
”Annual trimmed mean inflation remains higher than CPI inflation as it removed large price falls for electricity and automotive fuel,” Ms Marquardt said.
