The latest data released by the Australian Bureau of Statistics (ABS) on July 29 reveals that the Consumer Price Index (CPI) has suffered its most significant quarterly fall in the statistics history causing deflation for only the third time on record.
The Chief Economist for the ABS, Bruce Hockman noted that the CPI dropped by 1.9 percent, which ABS data indicates is the “largest quarterly fall in the 72-year history of the CPI.”
