Australia breathes a sigh of relief after overcoming inflation.

On November 3rd, Australian Prime Minister Anthony Albanese declared that the worst phase of the inflation crisis in the country was over.

New data shows inflation has fallen to its lowest level in three years in Australia. (Source: CNBC)

Speaking at an event in South Australia, Prime Minister Albanese said Australians have reason to be optimistic as new data shows inflation has fallen to its lowest level in three years.

He acknowledged the difficulties faced by workers, families, and small businesses, but stressed that amidst the current challenges, there are still glimmers of hope. Positive signs in the economy suggest that Australia has overcome its most difficult period.

According to official figures released by the Australian Bureau of Statistics on October 30, the consumer price index (CPI), the main measure of inflation in Australia, rose 0.2% in the third quarter. This is the lowest quarterly CPI increase since the third quarter of 2020. The CPI increased 2.8% in the 12 months ending at the end of September, the lowest annual increase to the end of a quarter since March 2021.

Australia's annual inflation rate peaked at 7.8% in the 12 months ending December 2022. This was the highest inflation rate since March 1990.

Source: https://baoquocte.vn/australia-tho-phao-vuot-qua-lam-phat-292489.html