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Consumer prices in Australia rose by just 0.9% in 2020

Australian consumer prices rose by just 0.9 per cent in 2020 which is good news for home borrowers and workers.

Headline inflation remains well below the Reserve Bank of Australia's two to three per cent inflation target, used to determine interest rate movements.

RBA Governor Philip Lowe vowed in early December that interest rates would stay at a record-low of 0.1 per cent for at least three more years.

Home borrowers are set to keep benefiting - with the big banks offering fixed rate mortgage rates of less than two per cent - after the Australian Bureau of Statistics revealed on Wednesday an annual inflation increase of just 0.9 per cent.

Workers deprived of decent pay rises are also set to benefit with inflation rising at an even weaker pace than the minuscule 1.4 per cent increase in the wage price index.  

Australian consumer prices rose by just 0.9 per cent in 2020

The Consumer Price Index increase at the end of 2020 was even weaker than the September quarter's annual increase of 1.6 per cent.

A 7.5 per cent fall in electricity prices was the biggest drag on overall inflation during the December quarter. 

Melbourne had Australia's highest inflation, with the CPI rising by 1.5 per cent in 2020. 

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