Housing market could be 'cooling' as prices rise by 3.7% in a year
Australia's consumer inflation eased slightly in February, with the consumer price index rising 3.7% in the 12 months to February. Housing remained the largest contributor to annual inflation, driven by higher electricity costs, rents, and new dwelling prices.
Australia's consumer inflation rose 3.7% in the 12 months to February. The largest contributor to annual inflation was housing, with a 7.2% increase driven by higher electricity costs, rents, and new dwelling prices. Electricity prices surged 37% annually, while food and non-alcoholic beverages prices rose 3.1%. Transport costs fell 0.2% on the year due to declining automotive fuel prices. The data suggests policymakers will keep interest rates higher for longer to return inflation to target.
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