started · updated
Australia inflation eases to 3.5% in July
Australia's annual headline inflation eased to 3.5% in July, down from 3.8% in June, according to the Australian Bureau of Statistics. While this decline is a positive signal, the rate remains above the Reserve Bank of Australia's target range of 2% to 3%.
Trimmed mean inflation, a key measure of underlying price pressure, remained steady at 3.6%. Housing was the largest contributor to the inflation figures, rising 5.0% over the last 12 months, driven largely by a 5.7% increase in the cost of new dwellings.
Other notable contributors included food and non-alcoholic beverages, which rose 3.2%, and recreation and culture, which rose 2.6%. Monthly automotive fuel prices saw a significant jump of 7.5% in July.
Despite the easing headline figure, the Reserve Bank of Australia has maintained the cash rate at 4.35%. Recent board minutes indicate that while members considered a potential rate hike to prevent entrenched inflation, they ultimately decided to hold the rate to monitor economic growth.
Entities
Australia · Australian Bureau of Statistics · Michele Bullock · Rachael McCririck · Reserve Bank of Australia
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 2 SOURCES] Melbourne's median home value is 1.6% lower than five years ago. www.watoday.com.au · www.brisbanetimes.com.au
- [○ 1 SOURCE] The monthly trimmed mean inflation rose 0.5% in July. dynamicbusiness.com
- [● 2 SOURCES] Annual household spending growth accelerated to 7.0%. www.actionforex.com · investinglive.com
- [● 19 SOURCES] Australia's July headline annual inflation eased to 3.5% from 3.8% in June. www.chinesepress.com · dynamicbusiness.com · www.theleader.com.au · www.irrigator.com.au · www.braidwoodtimes.com.au · +14 more
- [● 2 SOURCES] July household spending rose 1.1% month-on-month. www.actionforex.com · investinglive.com
- [● 19 SOURCES] Annual trimmed mean inflation held at 3.6%. www.chinesepress.com · dynamicbusiness.com · www.theleader.com.au · www.irrigator.com.au · www.braidwoodtimes.com.au · +14 more
- [○ 1 SOURCE] National home values fell 0.7% in July. www.fool.com.au
- [○ 1 SOURCE] The weighted auction clearance rate for capital cities fell to 48.2% for the week ending August 23. www.theindiansun.com.au
- [● 19 SOURCES] The RBA cash rate is held at 4.35%. www.theleader.com.au · www.irrigator.com.au · www.braidwoodtimes.com.au · www.dungogchronicle.com.au · www.easternriverinachronicle.com.au · +14 more
- [● 19 SOURCES] New dwelling prices rose 5.7% in the 12 months to July. www.theleader.com.au · www.irrigator.com.au · www.braidwoodtimes.com.au · www.dungogchronicle.com.au · www.easternriverinachronicle.com.au · +14 more
- [● 19 SOURCES] Housing costs rose 5.0% in the 12 months to July. www.theleader.com.au · www.irrigator.com.au · www.braidwoodtimes.com.au · www.dungogchronicle.com.au · www.easternriverinachronicle.com.au · +14 more
- [○ 1 SOURCE] Automotive fuel prices rose 7.5% in July. aacs.org.au