Australian inflation steady in Oct. ’24

Australia’s annual inflation rate remained steady at 2.1 per cent in October 2024, marking the lowest annual inflation rate since July 2021, according to the latest data released by the Australian Bureau of Statistics (ABS).

The main factors driving the annual inflation rate were food and non-alcoholic beverages (+3.3 per cent), recreation and culture (+4.3 per cent), and alcohol and tobacco (+6.0 per cent).

On the other hand, substantial price drops in electricity (-35.6 per cent) and automotive fuel (-11.5 per cent) in the last year helped to balance out the overall inflation rate.

Attribution: The Australian Bureau of Statistics report

Subediting: M. S. Salama