Australia Tasa De Inflación

Australia's annual inflation rate dropped to 2.8% in Q3 2024 from 3.8% in Q2, steeper than market expectations of 2.9%. It was the lowest reading since Q1 2021, with goods inflation sharply slowing (1.4% vs 3.2% in Q2), mainly due to declines in electricity and fuel prices amid the continued impact of Energy Bill Relief Fund rebates. Meanwhile, services inflation stayed elevated (4.6% vs 4.5%). Notably, prices eased for alcohol and tobacco (6.7% vs 6.8% in Q2), clothing (1.7% vs 2.9%), housing (2.8% vs 5.2%), health (4.8% vs 5.7%), and financial services (6.2% vs 6.4%). In addition, transport costs fell for the first time since Q4 2020 (-0.9% vs 4.6%). In contrast, inflation was steady for food (at 3.3%), while costs accelerated for recreation (2.1% vs 0.9%), education (6.4% vs 5.6%), and household services (0.7% vs -1.1%). The RBA's Trimmed Mean CPI rose 3.5% yot, the softest gain in nearly three years, aligning with consensus but still exceeding the central bank's 2-3% target.