
Australia’s CPI rises 2.3% Year-on-Year in November; garments up 1.7% YoY
Australia’s Consumer Price Index (CPI) saw a rise of 2.3% year-on-year (YoY) in November 2024, signaling moderate inflationary pressure in the country. The CPI increase is reflective of a broad range of consumer goods, including a notable uptick in the price of garments, which rose by 1.7% YoY.
The 1.7% increase in garment prices highlights the ongoing changes in the Australian apparel market, driven by factors such as rising production costs, supply chain disruptions, and increased demand for both locally produced and imported clothing. The overall CPI increase was in line with economic expectations and indicates steady inflation compared to previous months.
While garment prices contributed to the CPI rise, other key sectors, including housing, food, and transport, also experienced significant changes, with some seeing more substantial increases. The overall CPI growth aligns with the Reserve Bank of Australia’s projections, though concerns over inflationary pressures remain a key focus for policymakers.
The 1.7% YoY increase in garment prices comes at a time when sustainability and ethical fashion are gaining traction in Australia, with more consumers opting for environmentally friendly and locally produced apparel. This trend may continue to influence garment price dynamics as the market responds to consumer preferences for more sustainable options.
Economists predict that the modest rise in garment prices is likely to persist in the short term, influenced by global inflationary trends, domestic supply chain challenges, and the continuing push for sustainable production methods within the fashion industry.