CANBERRA, April 26 — Australia's rate of inflation has fallen from its December peak, reported Xinhua.
According to data published by the Australian Bureau of Statistics (ABS) on Wednesday, the Consumer Price Index (CPI) rose by 7 per cent in the 12 months to March — down from 7.8 per cent in the year to December.
Prices rose by an average of 1.4 per cent in the first three months of 2023 - the smallest quarterly rise since the end of 2021.
The price of most goods and services rose but Michelle Marquardt, head of price statistics at the ABS, said increases were smaller than in recent quarters.
However, there were steep price jumps for medical services, tertiary education and household fuels between December and March, driving the CPI increase.
Domestic holiday costs also increased by 4.7 per cent and fruit and vegetable prices by 2.4 per cent.
Responding to the data, Treasurer Jim Chalmers said Australia had passed the peak of the inflation crisis but that cost-of-living pressures would hang around.
Annual inflation for goods was 7.6 per cent in March compared to the 9.5 per cent recorded in December, largely attributed to price falls for furniture, appliances and clothing.
Annual inflation for services was 6.1 per cent in March — the highest figure since 2001.
— Bernama
