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Posted: 2024-07-30 22:01:10

The Australian Bureau of Statistics, which is responsible for publishing the Consumer Price Indicator, found the biggest contributors to inflation were housing (+1.1%), food and non-alcoholic beverages (+1.2%), clothing and footwear (+3.1%), and alcohol and tobacco (+1.5%).

Housing was a key contributer, up 1.1% over the last year.

That was driven by growth in rents, up 2.0%  and new dwellings purchased by owner-occupiers, up 1.1%

"The continuing tight rental market and low vacancy rates caused rental prices to go up 2.0 per cent for the quarter, following a 2.1 per cent rise in the March 2024 quarter," Michelle Marquardt, ABS head of prices statistics, said.

Meanwhile, higher labour and material costs drove a 1.1% rise in construction of new dwellings.

The ABS noted higher food and non-alcoholic beverage prices were fuelled by growth in fruit and vegetables, up 6.3% as well as dining out and take away food, which was up 0.6%. Meat and seafood were also up 1.3%.

"Fruit and vegetable prices rose this quarter as unfavourable growing conditions drove higher prices for grapes, strawberries, blueberries, tomatoes and capsicums,” Ms Marquardt said.

"This was the highest quarterly rise for Fruit and vegetables since 2016."

The ABS noted both goods and services annual inflation ticked up over the quarter.

Private health insurance premiums were also higher, which are typically reviewed in April each year.

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