Inflation has slowed down but “remains high” according to the latest ABS data on the consumer price index.
The ABS has reported that the monthly CPI indicator rose by 6.9 per cent in the twelve months to October.
It is lower than the 7.3 per cent movement reported in September.
The most significant contributors were new homes, petrol prices and fresh produce prices during the month of October.
The federal government’s temporary cut to the fuel excise ended on 29 September which saw the fuel tax rate of 46 cents per litre reinstated.
More to come.