Retail

Australia's CPI rises 3.4% YoY in February 2024

27 Mar '24

1 min read

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Insights

Australia's CPI increased 3.4 per cent YoY to February 2024, with clothing and footwear sector seeing an increase of 0.8 per cent.
CPI in garments sector rose by 2.3 per cent.
Excluding volatile items, the CPI grew 3.9 per cent annually, indicating a slowdown from January's 4.1 per cent and a decline from December 2022's peak of 7.2 per cent.

Australia’s consumer price index (CPI) increased by 3.4 per cent in the 12 months to February 2024, according to Australian Bureau of Statistics (ABS). The country saw notable movements within specific sectors, including a 0.8 per cent year-on-year (YoY) increase in CPI of the clothing and footwear sector in February, with garments alone seeing a 2.3 per cent rise YoY.

On a monthly analysis, the clothing and footwear CPI also saw a rise of 0.8 per cent in February, as per ABS.

However, when volatile items are excluded, the overall monthly CPI indicator shows a 3.9 per cent annual increase to February, a slight deceleration from the 4.1 per cent rise to January. This marks a continued slowdown in inflation excluding volatile items over the past 14 months, down from a peak of 7.2 per cent in December 2022.

Fibre2Fashion News Desk (DP)

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