Consumer Price Index falls 1.9% in June: Australian Bureau of Statistics
The Consumer Price Index (CPI) fell 1.9 per cent in the June 2020 quarter, according to the Australian Bureau of Statistics.
"This was the largest quarterly fall in the 72 year history of the CPI,” chief economist for the ABS Bruce Hockman said.
The annual inflation rate was -0.3 per cent in the year to the June 2020 quarter.
"Since 1949, this was only the third time annual inflation has been negative. The previous times were in 1962 and 1997-98,” Hockman added.
The June quarter fall was mainly the result of free child care (-95 per cent), a significant fall in the price of automotive fuel (-19.3 per cent) and a fall in pre-school and primary education (-16.2 per cent), with free pre-school being provided in NSW, Victoria and Queensland.
"Excluding these three components, the CPI would have risen 0.1 per cent in the June quarter", Hockman said.
