, which the Bureau of Statistics also released yesterday, showed that prices in the month of December alone rose 1.6%.The main reason: once you unpick the numbers, you see that for the first time since 2020, the price of discretionary items rose faster than the price of non-discretionary ones :In the December quarter, the average price on discretionary items rose 2.7%, compared with 1.3% for non-discretionary items.
We can also take some comfort from what individual items are mostly driving inflation. In the December quarter, 15 items accounted for 77% of all the growth in inflation, and the largest – by some way – was the price of domestic holidays. The cost of holidays, both here in Australia and overseas, accounted for a quarter of the total increase in inflation in the December quarter.
The same can be said for games – which saw a 5.5% increase in prices in the past year. Given that the prices of games usually fall around 1.3% each year, it’s clear a degree of wackiness is occurring right now. Despite Australians on average only spending 0.6% of their weekly expenditure on games and hobbies, the increase in their prices accounted for 3.1% of all the inflation in the December quarter.
In all capital cities rental prices are growing strongly, and – in Brisbane and Adelaide – they are growing at the fastest rate in 13 years.The good news is the price of new dwelling purchases by owner-occupiers looks to have peaked. As with rents, this can take a while to flow through into the CPI figures, but given house prices have fallen in the last six months of 2022 we should expect the price of this category to also fall.
Can't afford new shoes
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