new house structure building construction
Image – Canva.
  • 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.



You May Also Like

Australian building costs have continued to soar, but has your insurance cover kept pace?

MCG Quantity Surveyors analysis found underinsurance could cost homeowners over $100K to replace a property, with the issue even more profound in the commercial property sector.

When will Australian property prices fall? One major challenge continues to prop prices up

Property prices are up by over 35% across the country since Covid, and while not the same story in each city, that’s little solace to prospective buyers pulling their hair out.

A window of opportunity could be open for savvy Australian property investors, but time is ticking

One expert has noticed investors are on the move while there’s less competition and fewer buyers in the marketplace.

Why Aussie property buyers aren’t waiting for rate cuts anymore

A surge in home loans shows buyers aren’t waiting for interest rates to drop before taking the plunge.