Inflation surprisingly eased last month as supply bottlenecks cleared

The monthly consumer price index (CPI) rose 6.9 per cent over the year to October, down a little from the 7.3 per cent headline inflation rate recorded in September.

A large fall in fruit and vegetable prices between September and October was a key contributor to the decline, with the annual price increase for that segment dropping from 17.4 to 9.4 per cent.

Clothing and footwear prices also fell back from a 7.1 per cent annual rate of increase to 5.7 per cent, while the end of the school holiday peak saw travel price increases ease from 12.6 per cent over the year to September to 3.7 per cent over the year to October.

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