Contents
In November 2023, the Consumer Prices Index (CPI) reflected a slight decline over one month, dropping by 0.2% compared to October’s 0.1% increase. This shift primarily resulted from reduced prices in services (‑0.3% after +0.3%), particularly in transportation (‑5.9% after +4.1%). Energy prices also decreased (‑1.1% after ‑0.5%), notably in petroleum products (‑2.8% after ‑1.7%). Conversely, manufactured product prices remained stable (+0.0% after +0.2%), while food prices increased by 0.4% after remaining unchanged (+0.0%).
Key Highlights:
- Services prices dropped by 0.3%, notably in transports (-5.9%).
- Energy prices declined by 1.1%, especially petroleum products (-2.8%).
- Food prices rose by 0.4% over one month.
- Year-on-year, core inflation decreased to +3.6%.
Seasonally Adjusted Consumer Prices Show a 0.1% Monthly Decline in November
In November 2023, the adjusted consumer prices decreased by 0.1% over a month, mirroring October’s pattern.
In November 2023, consumer prices index experienced a 3.5% increase year-on-year, slightly lower than October’s 4.0% rise. This reduced inflation stemmed from slower year-on-year growth in energy (+3.1% after +5.2%), services (+2.8% after +3.2%), manufactured products (+1.9% after +2.2%), and to a lesser extent, in food (+7.7% after +7.8%) and tobacco (+9.8% after +9.9%).
Core inflation continued its downward trend, dropping to +3.6% in November 2023 from +4.2% in October.
Read More: Australian Unemployment Reaches 18-Month High Amid Job Surge
Harmonised Index of Consumer Prices (HICP) Sees a Slight Monthly Decline and 3.9% Year-on-Year Increase in November
The HICP decreased by 0.2% in November 2023 following a 0.2% increase in October. On a year-on-year basis, it rose by 3.9% compared to 4.5% in the previous month.
Energy prices increased by 3.1% in November 2023, down from 5.2% in October. This decrease was noticeable in petroleum products (-1.4% after +1.8%), diesel (-2.5% after +1.6%), and petrol (+7.5% after +13.5%). The decrease in solid fuel prices also intensified (‑12.9% after ‑8.4%). Service prices rose by 2.8% after a 3.2% increase in October, driven by declines in transport (‑1.4% after +5.4%).
Year-on-Year Price Changes in Manufactured Products and Food
Manufactured product prices increased by 1.9% in November 2023, a slowdown from October’s +2.2%. The prices of various items either decelerated or accelerated, while clothing and footwear remained relatively stable (+1.8% after +1.9%). Food prices showed an eighth consecutive monthly slowdown, recording a 7.7% increase in November 2023 after 7.8% in October.
Further year-on-year slowdowns were observed in food prices excluding fresh products, while fresh product prices witnessed a sharp acceleration during November 2023.
Conclusion
The CPI in November 2023 marked a monthly decrease of 0.2%, attributed to declines in services and energy prices. Year-on-year changes reflected slower inflation across various sectors, notably in core inflation at +3.6%. Food prices continued their downward trend for the eighth consecutive month at +7.7%.
