Australia’s inflation falls to 4.3% in Nov.

Australian consumer price inflation slowed in November to reach 4.3 per cent, compared to 4.9 per cent in October, the latest data from the Australian Bureau of Statistics (ABS) showed on Wednesday.

The latest figures released by the ABS will be welcomed by the Albanese government. Treasurer Jim Chalmers said inflation was still the defining challenge in the Australian economy and “higher than we would like it to be”, but that the latest numbers were welcome.

The most significant contributors to the annual price increase were housing (up 6.6 per cent), food and non-alcoholic beverages (up 4.6 per cent), insurance and financial services (up 8.8 per cent) and alcohol and tobacco (up 6.5 per cent).