Australia's inflation rate climbed to 3.8% year-on-year in Q2 2024, up from a nine-quarter low of 3.6% in Q1. This marks the first annual CPI increase since Q4 2022, driven by higher inflation in goods (3.2% vs 3.1%) and services (4.5% vs 4.3%). Prices surged for alcohol and tobacco (6.8%), clothing (2.9%), housing (5.2%), health (5.7%), transport (4.6%), recreation and culture (0.9%), and education (5.6%). Conversely, inflation eased for food (3.3%), communication (1.4%), and insurance and financial services (6.4%), while the cost of furnishing and household services dropped by 1.1%. The RBA's Trimmed Mean CPI rose by 3.9%, the lowest increase in over two years, above the central bank's target range of 2-3%.
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