New figures from the Australian Bureau of Statistics show prices rose 6.9% from October 2021 to October 2022. This is slightly lower than the September inflation figure of 7.3%.
The Reserve Bank expects inflation to peak at the end of the year at around 8%.
The fastest rising categories were housing (10.5%), food and non-alcoholic beverages (8.9%) and transport (7.4%).
The rising cost of housing was driven by increases in rents and in the cost of building new houses.