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Economics update | September 30, 2022
30 Sep 2022
Monthly CPI indicator rose 6.8 per cent in the year to August.
Published early this week, the ABS monthly CPI indicator rose 6.8 per cent in the year to August, up from the 6.1 per cent recorded in June and slightly down on July’s 7 per cent inflation increase. The small dip between July and August was mainly due to a drop in fuel prices. However, with the fuel excise cut ending on Wednesday, this minor relief is temporary.
The largest inflationary contributors throughout the year to August was new dwelling construction (up 20.7 per cent) and automotive fuel (up 15 per cent). Food prices rose from 9.1 per cent in June to 18.6 per cent in August, driven by higher fruit and vegetable costs. With inflationary pressures continuing to grow, the RBA will continue to raise interest rates. A further 0.5 per cent rise in the cash rate is expected to be announced following the next Reserve Bank Board meeting on October 4.
Job vacancies decline by 10,000.
Job vacancies were down by 10,000 to 470,900 in August. This is a 2.1 per cent decrease from May 2022 and the first decline since May 2021. Whilst a positive indication that on aggregate businesses are beginning to fill positions, this is not representative of all industries.
The headline decline masked job vacancy increases in key service sectors — accommodation and food services (up 7,000), retail trade (up 5,800), and health care and social assistance (up 5,400). Corresponding to these industry rises is the increase in the proportion of businesses reporting vacancies from 25.2 per cent in May to 26.7 per cent in August.
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