Core Insights - Australia's overall consumer price index (CPI) year-on-year growth rate for November 2025 is 3.4%, down from 3.8% in October and below the market expectation of 3.8% [1] - This marks the first decline in the CPI after four consecutive months of increases [1] - The trimmed mean inflation rate, a key indicator of underlying inflation, slightly decreased from 3.3% to 3.2% [1] Inflation Drivers - The primary drivers of the November inflation rate increase were a 5.2% rise in housing prices, followed by a 3.3% increase in food and non-alcoholic beverage prices, and a 2.7% rise in transportation prices [1] - The year-on-year goods inflation rate decreased from 3.8% in October to 3.3%, while the services inflation rate fell from 3.9% to 3.6% [1] Price Changes by Category - Food and non-alcoholic beverage prices increased by 3.3% year-on-year in November - Alcohol and tobacco prices rose by 4.2% - Clothing and footwear prices saw a 4.6% increase - Housing prices increased by 5.2% - Furniture, household equipment, and services prices rose by 1.4% - Health prices increased by 3.6% - Transportation prices rose by 2.7% - Communication prices increased by 1.3% - Recreation and culture prices rose by 2.3% - Education prices saw a significant increase of 5.4% - Insurance and financial services prices rose by 2.5% [1]

Core Viewpoint - Australia's consumer price index (CPI) year-on-year growth rate for November 2025 is 3.4%, a decrease from 3.8% in October and below the market expectation of 3.8% [1] Inflation Metrics - The trimmed mean inflation rate, a key indicator of underlying inflation, slightly decreased from 3.3% in the previous month to 3.2% [1] - The Reserve Bank of Australia's inflation target range is set at 2-3% [1] Key Drivers of Inflation - The primary drivers of the November inflation rate increase include: - Housing prices rose by 5.2% - Food and non-alcoholic beverage prices increased by 3.3% - Transportation prices went up by 2.7% [1] Specific Price Changes - Year-on-year price changes for November include: - Food and non-alcoholic beverages: 3.3% - Alcohol and tobacco: 4.2% - Clothing and footwear: 4.6% - Housing: 5.2% - Furniture, household equipment, and services: 1.4% - Health: 3.6% - Transportation: 2.7% - Communication: 1.3% - Recreation and culture: 2.3% - Education: 5.4% - Insurance and financial services: 2.5% [1]