The annual living costs of Australians have risen in the March quarter of 2018, according to new figures released by the Australian Bureau of Statistics (ABS). 

The Living Cost Indexes (LCI) have measured the amount of “after tax money incomes need to change to allow households to purchase the same quantity of consumer goods and services that they purchased in the base period”.

In the March quarter of 2018, the annual living costs of pensioner and beneficiary households (PBLCI) rose to 2.3 per cent, which was 0.7 per cent higher than the base period. 

The living costs of employee households rose to 2 per cent, which was 0.5 per cent higher. Self-funded retiree households rose to 1.8 per cent, which was 0.4 per cent higher. 

‘Health’, including pharmaceutical products and medical and hospital services, was the biggest contributor to the PBLCI’s rise at 6.1 per cent. ‘Clothing and footwear’ accounted for the most significant partial offset, at minus 2.4 per cent. 

Self-funded retiree household’s main contributor to the rise was also ‘health’ at 2.5 per cent, inclusive of pharmaceutical products and medical and hospital services.  

Employee household’s main contributors to the growth were ‘education’ at 2.8 per cent and ‘transport’ at 1.1 per cent. The rise in education was mostly driven by the fee increases in preschool, secondary and primary school education at the new school year. The rise of transport was driven by fuel and motor vehicle prices. 

The most significant partial offset was ‘recreation and culture’, at minus 0.7 per cent. This was driven by the falls in international holiday, travel and accommodation. 

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