The Consumer Price Index (CPI) rose 0.8% in the June 2023 quarter and 6.0% annually, according to the latest data from the Australian Bureau of Statistics (ABS). The new data comes as ANZ-Roy Morgan consumer confidence nears a record-long stretch below the mark of 80. ABS head of prices statistics Michelle Marquardt said CPI inflation slowed in the June quarter, calling it the lowest quarterly rise since September 2021. Clothing and footwear CPI inflation specifically rose 0.6% on the last quarter, with garments up 1.6% and footwear up 1.4%. In seasonally adjusted terms, fashion CPI inflation fell 0.9%, with ABS citing garments for women (-2.4%) as the main contributor. Reducing the June quarter rise were price falls for domestic holiday travel and accommodation (-7.2%), electricity (-1.8%), clothing accessories (-2.2%) and automotive fuel (-0.7%). Annually, CPI rose 6.0%. “June quarter’s annual increase of 6.0% is lower than the 7.0% annual rise in the March 2023 quarter,” Marquardt said. “This marks the second consecutive quarter of lower annual inflation, also known as ‘disinflation’, from the peak of 7.8% in the December 2022 quarter.” Underlying inflation measures reduce the impact of irregular or temporary price changes in the CPI, ABS reported. Annual trimmed mean inflation was 5.9%, down from 6.6% in the March quarter. Annual inflation for goods was 5.8%, down from 7.6% in March. The latest CPI inflation statistics come as consumer confidence hits its 21st week below the mark of 80, according to ANZ and Roy Morgan. This week, ANZ-Roy Morgan consumer confidence was up 2.6pts to 75.2 - its highest point since early June. (ICE SYDNEY)

Fonte notizia: RAGTRADER