October CPI growth dropped to 4.9%, ABS says

The news: The monthly consumer price index rose 4.9% in the 12 months to October, down from 5.6% in the year to September, as the struggle against inflation continues to show results.

The numbers: Excluding volatile goods such as fuel, produce and holiday travel, price growth in the year to October was 5.1%, following a 5.5% increase in the year to September. The most significant contributors to the index were housing (+6.1%), food and non-alcoholic beverages (+5.3%) and transport (+5.9%).

The context: The result was significantly lower than the December 2022 peak of 8.4%. It comes as the most aggressive rate hiking cycle in the Reserve Bank's modern history continues to make its mark on the economy.