Australia saw a steady increase of 3.4 per cent in the consumer price index (CPI) over the 12 months to January 2024, mirroring the increase for the 12 months to December 2023, according to the Australian Bureau of Statistics (ABS). This steadiness in inflation rates highlights a stable economic environment in terms of consumer price changes over the year.In detail, the clothing and footwear prices experienced a modest increase of 0.4 per cent in the year to January, contributing to the overall inflation figures, as per ABS.
Australia's CPI experienced a steady 3.4 per cent increase over the 12 months to January 2024, mirroring the rise from December 2023.
Clothing and footwear prices contributed to this inflation with a modest 0.4 per cent rise.
Core inflation, excluding volatile items, slightly decreased to 4.1 per cent in January from 4.2 per cent in December.
Moreover, when focusing on the core inflation measure, which excludes volatile items and holiday travel, the data revealed a slight decrease to 4.1 per cent in January from 4.2 per cent in December.
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