Australia CPI rose 1.6% qoq in Q3, above expectation of 1.5% qoq. But that was insufficient to recover the record -1.9% qoq fall in Q2. Annually, CPI turned positive to 0.7% yoy, matched expectation. RBA trimmed mean CPI came in at 0.4% qoq, 1.2% yoy, above expectation of 0.3% qoq, 1.1% yoy.
Head of Prices Statistics at the ABS Andrew Tomadini said: “In the September quarter child care fees returned to their pre-COVID-19 rate having been free during the June quarter. This was the largest contributor to the CPI rise in the September quarter. Excluding the impact of child care, the CPI would have risen 0.7 per cent.”
Tomadini said: “Annual inflation returned to positive territory rising 0.7 per cent in the September quarter. This followed negative annual inflation for only the third time in the 72-year history of the CPI of 0.3 per cent in the June quarter.”
