- Follows a 7% rise in July
- New dwelling construction costs were up 20.7% in the year to August
Data released by the Australian Bureau of Statistics (ABS) has revealed that the monthly Consumer Price Index (CPI) rose 7% in the year to July and 6.8% to August.
“The information released today provides an early indication of September quarter CPI inflation that will be published on 26 October 2022,” said David Fruen AO, Australian Statistician.
“The new monthly CPI indicator publication will also be released on 26 October and will include data up to the month of September.”
The August data matches the 6.8% recorded in June.
Construction costs continue to fuel inflation
Dr Guren noted the largest contributors, in the 12 months to August, were new dwelling construction, up 20.7% and Automotive fuel, up 15.0%.
“The slight fall in the annual inflation rate from July to August was mainly due to a decrease in prices for automotive fuel.
“This saw the annual movement for Automotive fuel fall from 43.3% in June to 15.0% in August.”
The monthly CPI indicator excludes volatile items of fruit, vegetables and fuel, the latter increased on an annual basis from 5.5% in June to 6.2% in August.
“Food and non-alcoholic beverages inflation increased to 9.3 per cent in the 12 months to August with prices rising across most food categories, led by Fruit and vegetables increasing from 9.1 per cent in June, to 18.6 per cent in August,” he added.
