Australia’s CPI rose +0.2% MoM and +3.4% YoY in November 2025 (down from +3.8% YoY in October), indicating easing headline inflation momentum.

• Trimmed mean inflation slowed to +3.2% YoY (Oct: +3.3%), pointing to a modest deceleration in underlying price pressures.

• Goods inflation eased to +3.3% YoY (Oct: +3.8%), driven mainly by a slower rise in electricity prices, which increased +19.7% YoY versus +37.1% YoY in October.

• Services inflation moderated to +3.6% YoY (Oct: +3.9%), with domestic holiday travel contributing to the slowdown after elevated October demand tied to school holidays and major events.

• Housing inflation remained elevated at +5.2% YoY, reflecting continued increases in electricity, rents, and new dwelling costs.

• Electricity prices rose +19.7% YoY, down sharply from October due to the timing and exhaustion of state and federal energy rebates; excluding rebates, electricity inflation eased to +4.6% YoY (Oct: +5.0%).

• Food and non-alcoholic beverages inflation held steady at +3.3% YoY, with meals out and takeaway up +3.5% YoY due to wage and ingredient cost pressures.

• Transport inflation was unchanged at +2.7% YoY, while automotive fuel prices accelerated to +3.5% YoY and rose +2.5% MoM, the strongest monthly increase since June 2025.