Economic Buzz: Australia inflation at 1-year high

Australia's consumer price inflation rose to a year high in August, data from the Australian Bureau of Statistics said Wednesday.

The monthly CPI indicator rose 3.0 percent year-on-year in August, faster than the 2.8 percent rise in July. The rate marked the highest since July 2024.

The largest contributors to the annual inflation were housing, food and non-alcoholic beverages and alcohol and tobacco.

Excluding volatile items and holiday travel, inflation advanced to 3.4 percent from 3.2 percent in July.

Meanwhile, annual trimmed mean inflation eased to 2.6 percent from 2.7 percent in the previous month.

Reflecting higher electricity costs, annual housing inflation climbed to 4.5 percent from 3.6 percent in July. Electricity costs surged 24.6 percent from the last year.

Prices of food and non-alcoholic beverages grew at a steady pace of 3.0 percent in August. Holiday travel and accommodation prices rose at a slower pace of 1.1 percent.

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