Australia’s Inflation Rate Falls in October, but Risk Remains

Shoppers walk around Pitt Street Mall in Sydney, Australia, on June 7, 2022. Brendon Thorne/Getty Images

Australia saw a drop in inflation in October, which provided some relief to the economy. However, the treasurer warned that the risk of high inflation was still there.

New Australian Bureau of Statistics (ABS) data shows that the consumer price index (CPI) increased by 6.9 percent in the 12 months to October 2022, a noticeable fall compared to the record 7.3 percent in September.