Australia's consumer inflation accelerates to 3.8% in October, beating estimates

Australia's ostentation accelerated successful October, beating analysts' estimates and rising astatine its fastest gait successful 7 months, the Australian Bureau of Statistics said Wednesday.

The user terms scale roseate 3.8% successful October, twelvemonth connected year, marking its fastest gait since adopting a caller measurement for header ostentation starting April, according to the authoritative release. That was higher than economists' forecast for a 3.6% emergence successful a Reuters poll.

The largest contributor to the elevated ostentation was the lodging sector, which grew 5.9%. On a monthly basis, the CPI was level compared to September, versus analysts' estimates for a 0.2% gain.

This is the archetypal that that the ABS has released the implicit monthly CPI, arsenic the authorities transitions from the quarterly CPI to utilizing the monthly gauge arsenic the superior measurement for header inflation.

Separately, a gauge connected Australian concern conditions picked up successful October, rising to the highest level since March 2024, according to a survey by National Australia Bank earlier this month, arsenic companies reported amended income and profits.

The Reserve Bank of Australia held interest rates astatine 3.6% earlier this month, saying it was cautious astir easing further fixed higher inflation, a stronger-than-expected betterment successful user request and a revival successful the lodging market.

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