Fresh update on Australia’s inflation crisis as new figure shows where Aussies are hurting the most

Australia’s inflation levels have moderated but electricity and gas prices are still surging by double-digit figures.

The consumer price index eased in October to 4.9 per cent, down from an annual pace of 5.6 per cent in September.

The monthly reading from the Australian Bureau of Statistics was at the lowest level since July but that moderation was short-lived. 

Some items in October still went up by double-digit figures with electricity prices rising by 10.1 per cent over the year, compared with 18 per cent in September.

Gas prices went up by 13 per cent, up from 12.7 per cent.

Treasurer Jim Chalmers announced Energy Bill Relief Fund rebates of up to $500 in the May Budget.

A year ago, the federal government also intervened in the gas market and capped wholesale prices at $12 a gigajoule for a year.

Labor however had gone to the last election promising to reduce average power bills by $275 by 2025.

Petrol price rises have also moderated, dropping to 8.6 per cent in October, down from 19.7 per cent in September. 

Prime Minister Anthony Albanese’s personal ratings in opinion polls have declined as the cost of living crisis shows little sign of ending.

The Reserve Bank this month raised interest rates for the 13th time in 18 months, taking the cash rate to a 12-year high of 4.35 per cent.