Newly-released consumer price data from the Australian Bureau of Statistics shows CPI rose 3.4% on the year to November, down from +3.8% in the 12 months to October—driven by price hikes in housing (+5.2%), alcoholic beverages (+3.3%) and transportation (+2.7%).

Annual inflation for food and non-alcoholic beverages lifted on higher meals out and takeaway food prices, up +3.5% on the year to November due to elevated wage and ingredients costs. Prices for dairy and related products rose +3.2% for the period, higher than the +3.0% in the 12 months to October. Prices for dairy and related products have increased steadily over the past three months.