Australia's annual inflation rate dropped to 2.8% in Q3 2024 from 3.8% in Q2, marking the lowest rate since Q1 2021. Goods inflation slowed significantly to 1.4% due to lower electricity and fuel prices. Services inflation remained high at 4.6%. Notable price declines were seen in alcohol and tobacco, clothing, housing, health, and financial services, with transport costs falling for the first time since 2020. Food inflation held steady at 3.3%, while prices rose for recreation, education, and household services.

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