Annual inflation rate falls again
The annual rate of inflation has fallen again to its lowest level for two years. It fell in October to just 0.7 per cent compared with 0.6 per cent the previous month.
The Federal Office for Statistics said most of the fall was attributable to lower transport costs with the transport index falling 1.3 per cent. The price of petrol has fallen to its lowest for months. The cost of charter flights and second hand cars also declined.
Prescription medicines are also cheaper after the introduction of new rules governing remuneration for pharmacists. This helped the health index register a 0.2 per cent decrease.
It’s also become less expensive to spend the night in a hotel, though the cost of eating and drinking there has advanced slightly.
The price of domestic goods remained stable in October while the price of imported products fell, largely due to cheaper fuel.
The average annual inflation rate for the current year is expected to be around 1.1 per cent.
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