Australia monthly CPI slowed from 7.3% yoy to 6.9% yoy in October. The most significant contributors to the annual rise were new dwellings (+20.4%), automotive fuel (+11.8%) and fruit and vegetables (+9.4%).
“High levels of building construction activity and ongoing shortages of labour and materials contributed to the rise in new dwellings” Michelle Marquardt, ABS Head of Prices Statistics said.
Automotive fuel prices accelerated from 10.1% to 11.8% as the government’s temporary cut to the fuel excise ended on September 29. Annually, prices for fruit and vegetables rose by 9.4%, down from 17.4% in September.
