Inflation surged to reach five per cent in the September quarter – the highest level since 1995.
Data released by the ABS today showed the headline consumer price index rose 1.2 per cent in the September quarter to reach an annual pace of five per cent.
This was at the upper end of market expectations of 4.6 to five per cent and could limit the RBA’s reduction to the cash rate when it meets again next month.
Housing was a major contributor to the rise in CPI with rents rising in all capital cities. Water and sewerage costs, electricity plus property rates and charges were also contributing factors.
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