Cost of living pressures ease on petrol prices

By Leith van Onselen

The Australian Bureau of Statistics (ABS) today released its cost of living indices for the December quarter, which revealed a moderation of cost pressures for the typical Australian worker (see below table).

According to the ABS, the cost of living for most cohorts was at or below the rate of inflation (1.7%) over the 2014 calendar year, with only “Other Government Transfer Recipients” fairing worse (1.9%).

A breakdown of costs by expenditure component and group is provided below.

Note the significant negative contribution made by lower transport costs, brought about by the sharp fall in petrol prices.

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