Australia Annual Inflation Jumps 7.8% In Q4

Consumer prices in Australia were up 7.8 percent on year in the fourth quarter of 2022, the Australian Bureau of Statistics said on Wednesday – exceeding estimates for 7.5 percent and accelerating from 7.3 percent in the three months prior.

On a seasonally adjusted quarterly basis, inflation climbed 1.9 percent – again beating forecasts for 1.6 percent and up from 1.8 percent in Q3.

The Reserve Bank of Australia’s trimmed mean was up 1.7 percent on quarter and 6.9 percent on year after rising 1.8 percent on quarter and 6.1 percent on year in the previous three months.

The RBA’s weighted median advanced 1.6 percent on quarter and 5.8 percent on year, up from 1.4 percent on quarter and 5.0 percent on year in the third quarter.