- Latest CPI data reveals Perth has the lowest yearended inflation in Australia at 4.9per cent
- Perth’s inflation rate has eased for a second consecutive quarter – passing the December peak
- Cook Labor Government continues to deliver cost of living relief to ease the impact of inflation and national interest rate hikes on WA households
The June 2023 quarterly Consumer Price Index(CPI) data released today shows that Perth’s inflation rate has dropped to 4.9 per cent across the year to June 2023 the lowest of Australia’s capital cities and below 6 per cent nationally.
The latest CPI data demonstrates the continued easing of inflationary pressures in WA, with inflation declining for the second consecutive quarter in Perth from a recent peak of 8.3 per cent in the December 2022 quarter.
In the June quarter, Perth’s CPI increased by 0.8 per cent in line with the Australian national average(also 0.8 per cent).
This contributed to year ended CPI coming in below the Department of Treasury’s 202223 CPI forecast included in the 202324 Budget (5 per cent, excluding the electricity subindex, compared with a forecast of 5.75 per cent).
The Cook Labor Government continues to deliver the $715 million cost of living package included in this year’s State Budget including the third electricity credit in four years.
These cost-of-living measures complement the Cook Government’s commitment to keep Government fees and charges low, with the rise in the basket of household fees and charges being kept to below inflation for a fourth consecutive year.
There are several indicators that point to a further easing of inflation in the coming year. This follows the release of CoreLogic’s Cordell Construction Cost Index June quarter data that recorded the lowest increase in WA in four years in the June 2023quarter.
As stated by Treasurer Rita Saffioti:
“The latest CPI data released today is a pleasing result for Western Australians as it shows we are past the peak of inflation, with a second consecutive quarter of easing inflationary pressure.
“Western Australia has the lowest yearended inflation in the nation, but we know that many households are continuing to do it tough particularly following the steep hikes in interest rates over the past year, which we hope can now ease following the latest inflation data released today.
“Our Government continues to focus on delivering measures to ease cost of living pressures on Western Australian households. This includes our $715million cost of living package in this year’s Budget, including a third electricity credit for all Western Australian households, pluscredits for small businesses.”
