CPI rose 0.2% in the September 2024 quarter

The most significant contributors to the quarterly rise of 0.2 per cent were Recreation and culture (+1.3 per cent) and Food and non-alcoholic beverages (+0.6 per cent).

Rises in prices for other goods and services were largely offset by falls in Electricity (-17.3 per cent) and Automotive fuel prices (-6.7 per cent). 

“The 2024-25 Commonwealth Energy Bill Relief Fund rebates in all states and territories and state government electricity rebates in Queensland, Western Australia and Tasmania led to a large fall in electricity prices this quarter. Without the rebates, electricity prices would have increased 0.7 per cent this quarter,” Ms Marquardt said.

Automotive fuel prices fell 6.7 per cent this quarter as lower global demand reduced the price of oil. This saw petrol prices fall in each of the past three months to reach their lowest level since the June 2023 quarter. 

The quarterly growth in Recreation and culture was driven by International holiday travel and accommodation (+1.9 per cent) and Domestic holiday travel and accommodation (+1.1 per cent). Higher demand for international tours and accommodation, particularly in Europe where it was peak travel season, led to price increases. The school holiday period contributed to increases in domestic accommodation prices.

The rise in Food and non-alcoholic beverage prices was driven by Meals out and takeaway food (+0.8 per cent), Meat and seafood (+1.1 per cent), and Fruit and vegetables (+1.0 per cent).