The Australian Chamber of Commerce and Industry (ACCI) has welcomed the September quarter inflation figures describing them as “encouraging” for small businesses.
The Consumer Price Index rose 0.2% in the quarter and 2.8% annually, down from 3.8% year-on-year in the June quarter, according to the latest data from the Australian Bureau of Statistics (ABS).
ACCI chief executive officer Andrew McKellar says inflation needs to reduce to take pressure off interest rates, giving business much-needed relief.
“The easing in inflation is welcome for small businesses, struggling with rapid growth in the costs of inputs including energy, material and labour.”
In addition, underlying inflation – excluding volatile items such as energy and fuel – moved down to 3.5% in the year to September.
The ACCI says this paves the way for an interest rate cut and will assist in moderating inflation expectations more broadly, taking pressure off businesses to raise their prices.
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