Australia: Inflation eases in November from the prior month but remains above target
Latest reading: Consumer prices were up 3.4% in annual terms in November, following a 3.8% increase in the prior month. The reading was above market expectations and the Central Bank’s target of 2.0–3.0%. Upward pressure on inflation was driven primarily by housing costs, followed by food and non-alcoholic beverages, and transport.
Lastly, consumer prices rose 0.02% in November on a month-on-month basis, following a 0.01% fall in the prior month.