Australia’s Inflation Rate Continues Steady Decline at 2.1 Percent

ABS data says this is the lowest annual inflation since July 2021.

Australian Treasurer Jim Chalmers speaks to the media during a press conference at Parliament House in Canberra, Australia on Nov. 21, 2024. AAP Image/Lukas Coch

The Australian Bureau of Statistics (ABS) has reported that the Consumer Price Index (CPI) remained stable at 2.1 percent for the 12 months to October 2024, continuing the trend of steadily declining inflation.

According to Michelle Marquardt, ABS head of prices statistics, this marks the lowest annual inflation rate since July 2021 during the pandemic.