Australia's CPI rises 1% in June quarter, clothing & footwear up 3.1%

The consumer price index (CPI) in Australia rose by 1 per cent in the June 2024 quarter, with an annual increase of 3.8 per cent, according to the latest data from the Australian Bureau of Statistics (ABS).

The clothing and footwear group experienced a notable rise of 3.1 per cent quarter-on-quarter (QoQ). This increase was primarily driven by garments, which rose by 2.7 per cent, footwear by 4.3 per cent, and accessories and clothing services by 3.3 per cent. The surge in prices is attributed to new season stock and items returning from sale prices following back-to-school and new year promotional activities in the March quarter.

Over the past twelve months, the clothing and footwear group saw an overall rise of 2.9 per cent, with garments for women being the main contributor, showing a significant increase of 4.2 per cent.

The ABS also released the monthly CPI indicator, which showed a 3.8 per cent rise in the 12 months to June, a slight decrease from the 4 per cent rise in the 12 months to May.

ALCHEMPro News Desk (DP)