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Housing segment of CPI rises

The Consumer Price Index's housing segment increased by 2.3 per cent in the September quarter of this year.

The housing segment of the Consumer Price Index (CPI) increased by 2.3 per cent over the third quarter of the year, from 0.6 per cent to 2.9 per cent.

This figure was higher than the statistic for all groups, which increased by 0.7 per cent.

Over the last year, the housing segment of the CPI recorded a 5.2 per cent increase compared to a 2.8 per cent rise for all groups.

David Airey, president of the Real Estate Institute of Australia, said: "The CPI inflation rate is well within Reserve Bank's target zone of two to three per cent, which should send a very clear message; that rates need not be increased next week."

He went on to say that an increase by the bank would only serve to create mortgage stress for homeowners.

Earlier in the month, a report from the Australian Bureau of Statistics showed that investment housing commitments fell by 1.3 per cent between July and August but owner-occupied housing commitments rose by 0.6 per cent.

Posted by Ravin Chatlani 

- inflation, CPI, housing

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