Australia's inflation rate rises to 5.2% in August

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Australia's inflation rate rises to 5.2% in August

The annual inflation rate rose to 5.2 per cent from 4.9 per cent in August, according to the latest monthly measure of inflation.

The Australian Bureau of Statistics found that housing, transport, food, and insurance were the most significant drivers of price increases.

It's the first time the monthly inflation index has been up since April, but economists were expecting it to increase last month, so they were not taken by surprise.

ABS officials say it's also useful to note that when some of the most volatile price movements are removed from the data, the underlying monthly inflation rate still decreased last month.

Michelle Marquardt, ABS head of prices statistics, said.

He told the Associated Press that he doesn't expect the Reserve Bank to lift interest rates again this year.

House budgets will be hurting from some of the most significant price increases we've been seeing in recent weeks, he said.

Pickering, 58, said that he did not know why he was elected president.

High petrol prices, for example, made a notable return last month.

The economy experienced significant price increases and contributed to the increase in transportation costs overall.

In monthly terms, car fuel prices rose 9.1 percent, and the annual rate of growth for fuel prices rose to 13.9 percent.

The cost of insurance rose last month, resulting in the highest annual price movement since the beginning of the monthly CPI series.

Higher rates for house, home contents and motor vehicle insurance were higher due to a rise in reinsurance and natural disaster costs.

Insurance prices are now up by 14.7 per cent, up from 14.2 per cent in July.

Rent prices also went up again. It's now 7.8 per cent, up from 7.6 per cent in July, due to strong demand for rental properties and tight rental markets.

Rental prices are going to be the opposite direction to new residences. The cost of new residences rose, reflecting subdued demand and improvement in materials supply.

New dwelling prices are now at an annual rate of 4.8 percent, down from 5.9 percent in July, which is the lowest since August 2021.