Australia "breathes a sigh of relief" after overcoming inflation

On November 3, Australian Prime Minister Anthony Albanese declared that the worst phase of the country's inflation crisis had passed.

New data shows inflation has fallen to its lowest level in three years in Australia. (Source: CNBC)

Speaking at an event in South Australia, Prime Minister Albanese said Australians had reason to be optimistic as new data showed inflation had fallen to its lowest level in three years.

He acknowledged the difficulties facing workers, families and small businesses, but stressed that amid the current challenges, there were glimmers of hope. Positive signs in the economy showed that Australia had come through the worst of it.

According to official figures released by the Australian Bureau of Statistics on October 30, the consumer price index (CPI), the main measure of inflation in Australia, increased by 0.2% in the third quarter. This is the lowest quarterly CPI increase since the third quarter of 2020. The CPI increased by 2.8% in the 12 months ended September, the lowest annual increase to the end of a quarter since March 2021.

Australia's annual inflation rate peaked at 7.8% in the 12 months to December 2022. This was the highest inflation rate since March 1990.

Source: https://baoquocte.vn/australia-tho-phao-vuot-qua-lam-phat-292489.html