The monthly Consumer Price Index (CPI) indicator rose 7.3 per cent in the year to November 2022, according to the latest data from the Australian Bureau of Statistics (ABS).
ABS prices statistics head Michelle Marquardt notes, housing was the main contributor to the annual increase to November.
“High labour and material costs contributed to the annual rise in new dwelling prices (17.9 per cent) although, the rate of price growth for new dwellings has eased compared to the 20.4 per cent annual rise seen in October,” she said.
“Increasing operating costs, including wages, electricity, and weather affected reductions in food supplies continued to drive prices up.”
Prices for all food and non-alcoholic beverages remained high compared to November 2021, with restaurants and takeaway food (up 7.3 per cent) was the main contributor to the annual increase.
Ms Marquardt said transport also saw a number of price increases.
“We saw some flow-on impact from the restoration of the Australian Government’s fuel excise in November’s higher automotive fuel prices,” she said.
“These rose 16.6 per cent in the year to November up from 11.8 per cent in October.
“Average prices for unleaded petrol peaked at just over $2 in early November before falling to just under $1.80 by the end of November.”
