Australia’s inflation for the first quarter of 2023 slowed to 7% year-on-year, down from a 23-year high of 7.8% in the quarter ended December 2022.
This also marked the end of a streak of five straight increases in the consumer price index since the quarter ended September 2021.
The country’s bureau of statistics reported that the largest contributors for the March quarter were costs of gas and household fuels, which surged 14.3%, as well as costs of tertiary education and domestic holiday travel, which increased 9.7% and 4.7% respectively.
The trimmed mean CPI – which excludes the most volatile 30% of items in the cost calculation – came in at 6.6%, compared to 6.9% in the previous quarter.
This article was originally published by CNBC.