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Australia Inflation December 2023

Australia: Inflation moderates in December

Inflation fell to 3.4% in December from 4.3% in November, marking the lowest reading since November 2021. Softer increases in prices for food, health and housing were behind the deceleration. Moreover, prices for recreation and culture dropped.

Meanwhile, annual average inflation moderated to 5.5% in December from 5.9% in November.

Lastly, consumer prices rose 0.08% over the previous month in December, contrasting November’s 0.41% increase.

Commenting on the release, ING’s Robert Carnell stated:

“A further large fall in Australian inflation will encourage thoughts of earlier and perhaps more aggressive easing by the Reserve Bank of Australia this year. But the good news on inflation might be less frequent from now on, and this might not be the right time to jump on the bandwagon.”

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