Australia: Inflation comes in at highest level since July 2024 in July
Latest reading: Consumer price inflation rose to 2.8% in July, above June’s 1.9%. July’s result represented the highest inflation rate since July 2024 and was well above market expectations. However, the reading was in line with the Central Bank’s target of 2–3%. The uptick was due to a double-digit jump in electricity costs amid administrative price changes.
Finally, consumer prices increased 2.35% over the same month of last year in July, below June’s 2.40% increase. July’s result marked the weakest reading since November 2021.