Australia's consumer price inflation moderated in January but remained at elevated level, the Australian Bureau of Statistics reported Wednesday.
The monthly Consumer Price Index advanced to 7.4 percent year-on-year in January, slower than the 8.4 percent increase in December. However, this was the second highest annual increase since the start of the monthly CPI indicator series in September 2018, signifying ongoing high inflation, Michelle Marquardt, ABS head of prices statistics, said.
The most significant contributors to the annual increase were housing, food and non-alcoholic beverages and recreation and culture.
The ABS said consumer price inflation is often impacted by items with volatile price change such as fruit and vegetables, automotive fuel and holiday travel.
Excluding holiday travel and accommodation, the CPI indicator, grew 6.7 percent annually after the 7.4 percent increase in December.
