South Australia’s inflation rate drops to lowest level in three years
Release date: 30/10/24
Latest data from the Australian Bureau of Statistics (ABS) shows South Australia’s annual inflation rate has dropped to 3.2 per cent, down from 4.5 per cent.
The Consumer Price Index in SA has reached its lowest level since September 2021.
It follows a drop in inflation nationally, down to 2.8 per cent from 3.8 per cent in June, falling back within the Reserve Bank’s target range.
In South Australia, CPI reflects the impacts of housing and insurance costs.
Quotes
Attributable to Stephen Mullighan
The national drop in inflation puts CPI within the Reserve Bank’s target range, giving hope of an interest rate cut in the new year.
While South Australia’s rate remains slightly higher due to housing and insurance costs, it’s pleasing to see that has come down significantly too.
South Australia’s economy is well positioned to withstand economic headwinds, coming in second in CommSec’s State of the States report on Monday, after three consecutive quarters at the top.
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