Australian CPI rises 4% in May 2024, clothing & footwear up 2.8%

The monthly consumer price index (CPI) in Australia increased by 4 per cent in the 12 months to May 2024, according to the latest data from the Australian Bureau of Statistics (ABS). This marks a rise from the 3.6 per cent recorded in April. Clothing and footwear saw a significant price increase, with the CPI for this category rising by 2.8 per cent over the same period.

When excluding volatile items and holiday travel, the annual movement for the overall monthly CPI indicator was also 4 per cent in May, a slight decrease from 4.1 per cent in April.

Annual trimmed mean inflation, which is another measure that excludes the most extreme price changes, rose to 4.4 per cent in May, up from 4.1 per cent in April, as per ABS.

ALCHEMPro News Desk (DP)