Australia's Inflation Drops to 3.4 Percent
The ABS reported that the consumer price index (CPI) climbed 3.4 percent over the 12-month period to November, a decrease from October's 3.8 percent annual rate.
The annual trimmed mean—the Reserve Bank of Australia's (RBA) preferred gauge for underlying inflation—dropped from 3.3 percent in October to 3.2 percent in November.
November's CPI increase fell short of economist predictions, an Australian broadcasting agency reported, yet still exceeded the RBA's 2-3 percent target range.
The ABS identified housing as the primary inflation catalyst in the year to November, with food and non-alcoholic beverages and transport following as secondary drivers.
In November 2025 projections, the RBA forecast CPI growth would stay above 3 percent throughout most of 2026, before moderating to slightly above the target band's midpoint by late 2027. Underlying inflation is projected to remain elevated beyond the target range until the second half of 2026.
The RBA's Monetary Policy Board convenes in February to determine the cash rate target, which has remained unchanged at 3.60 percent since August 2025.
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