Canberra
Australian Prime Minister Anthony Albanese has announced that the worst of the inflation crisis in the country is over, citing recent data that shows inflation is at its lowest level in three years.
Speaking at an event in South Australia, Albanese highlighted the encouraging findings from the Australian Bureau of Statistics, which reported a 0.2 percent rise in the consumer price index (CPI) for the third quarter of 2024, from July to September. This increase is the lowest quarterly rise since June 2020.
‘I know workers, families, and small businesses have all done it hard, but while there are still challenges to meet, still problems to solve, still people under pressure who need our help, when we look at the economy today, we can see new reasons for optimism and new proof the worst is behind us,’ Albanese stated.
The annual CPI increased by 2.8 percent for the year ending September 2024, marking the lowest annual figure since March 2021. This comes after a peak inflation rate of 7.8 percent, the highest in 32 years, recorded at the end of December 2022. Albanese expressed confidence that the Australian economy has weathered the ‘global storm’ and is on a path to recovery, emphasizing a collective effort to navigate through these challenging times.
