Inflation surges AGAIN to 7.3 per cent in first Australian figures for 2023 trends now
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Inflation surged back to 7.3 per cent in the 12 months to November after a weaker read in October.
The Australian Bureau of Statistics' monthly consumer price index showed inflationary pressures remain strong, with housing the largest contributor to the November read.
Housing costs lifted by 9.6 per cent over the 12 months to November, food and beverage prices increased by 9.4 per cent and transport surged nine per cent.
The Australian Bureau of Statistics' monthly consumer price index showed inflationary pressures remain strong, with housing the largest contributor to the November read (shoppers at the Sydney CBD, above)
'Increasing operating costs, including wages, electricity, and weather affected reductions in food supplies continued to drive prices up,' ABS head of prices statistics Michelle Marquardt said.
She said the uptick in transport costs also reflected the return of the full fuel excise tax, which pushed petrol costs higher.
The return to an above-seven annual increase followed a cooler 6.9 per cent lift in October.
However, the monthly index showed CPI lifting 7.3 per cent in September.
Furniture, household equipment and services also lifted by 8.4 per cent and recreation and culture by 5.8 per cent in the 12 months to November.
More ABS data showed Black Friday sales boosting retail turnover to a new record high, with the effect of the
