Monthly CPI rose 4.9% annually

[jb77]

@dmit5487ivan

The most significant contributors to the July annual increase were Housing (+7.3 per cent) and Food and non-alcoholic beverages (+5.6 per cent). Reducing the July increase were price falls for Automotive fuel (-7.6 per cent) and Fruit and vegetables (-5.4 per cent).

The annualised number is -7.6% as per the abs link above.

 

[dmit5487ivan]

@jb77 Right, so it wasn't fuel prices dropping in July that was a significant drop, right? Sure, fuel prices going up will affect the CPI, but they didn't contribute to the drop this month - in terms of fuel, it's stuff that was already baked in form prior months.

Edit: for what it's worth, fuel's effect in August should be about 0.3 added to the CPI next month - I think that's an upper estimate.

Edit2: 0.32, it'll add.

 

[jb77]

@dmit5487ivan Ok and what was the % for the month of Aug 22? When that part of the annualised number falls off along with the increase we've seen this month what do you think happens to CPI for August?

 

[dmit5487ivan]

@jb77 Don't think we have monthlies for subgroups a year back, it's a new thing. And I don't have the fuel numbers to work it out. But fuel will contribute about 0.32 to the CPI reading in August. If nothing counterbalances that and everything else stays about the same as this month (as in, grows by as much), that'll mean about a .3% increase in the annual monthly. But that's a lot of assumptions about what the rest of the basket does.

None of that has anything to do with the cause of the drop this month.

fuel prices dropping in July were a significant source for the drop

They weren't. They will be a significant contributor to inflation next month. But they weren't - in either direction - in this release.

 

[jb77]

@dmit5487ivan https://www.abs.gov.au/statistics/e...nthly-consumer-price-index-indicator/jul-2023

Go down to automotive fuel and change the chart to a table. It goes back to July 19 on there. Aug 22 was -11.5 fyi

 

[dmit5487ivan]

@jb77 Ah, cool. We get more detail for some categories, which is nice.

 

[bullmuse]

@jb77 Fuel prices are set to skyrocket as worldwide oil prices soared in August and are forecast to continue to grow.

 

[lydeea]

@megumidreamer I replaced my mothers rosary beads beads with various decimal numbers.

 

[inspirationministrys1]

@megumidreamer High Priest Lowe was right. Where are the heretics who doubted his direct link to the monetary Gods? Step forward now for a quick, merciful death. Don't make us come looking for you.

 

[hay12345]

@inspirationministrys1 here. Still mad at how hard and long he cut for in the first place.

 

[inspirationministrys1]

@hay12345 Repent! Denounce your false Gods and receive mercy in a quick death!

 

[jjddww]

@inspirationministrys1 Some AusFinanciers would say this unironically

 

[inspirationministrys1]

@jjddww It's cute you thought I was being ironic. You will be burned for sorcery with the others.

 

[dpardue]

@jjddww Everything I say about this sub's obsession with Lowe is ironic. How can it not be.

 

[fountainheadeternal]

@megumidreamer House prices go up?

 

[dcl1954]

@fountainheadeternal A nuclear apocalypse could end life on earth and house prices would still go up in Australia.

 

[sara23]

@dcl1954 Australia is just chilling down there going wtf?

 

[mcque]

@sara23 but they’ll be dead soon………. fkin kangaroos

 

[thaotran4]

@dcl1954 well duh, fiat currency will be worthless so my hovel will go up relative to a worthless currency. not even sure i should add /s

 

[blakegarcia]

@dcl1954 1km from atomic ground zero. Renovators delight!