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Treasurer Jim Chalmers was upbeat about the figures, while the Opposition said Australians face uncertain economic times.
Average full time workers saw an increase across the board of 4.2 percent for the year.
Inflation has eased to 3.1 percent, but the month-over-month data shows inflationary pressures remain elevated.
In terms of quarter growth, the growth in CPI dropped from 1.2 percent in the September quarter to 0.6 percent in the December quarter.
Chancellor Jeremy Hunt declaring the UK is ‘back on the path to healthy sustainable growth.’
Inflation is still up year on year, with analysts predicting the Reserve Bank of Australia will keep rates on hold.
The most significant price increase was seen in automotive fuel at 7.2 percent.
Rising rents accounted for more than half of the monthly CPI increase, indicating that price pressures remain persistent.
