Official inflation for the 2011 calendar year was 3.1% with some categories out of the “basket of goods and services” up and others down.
Domestic holiday travel and accommodation prices rose by 7.3%, where international holiday travel and accommodation got 1.9% cheaper.
Other categories that were up include:
+ Rents 1%;
+ Telecommunications 1.1%;
+ Beer (Oh no!) 1.2%; and
+ Automotive fuel 0.7%.
These were the declines in the CPI categories:
+ Fruit – 13.4%;
+ Pharmaceuticals – 5.6%;
+ Vegetables – 5%;
+ Audio, visual and computing equipment – 3.4%; and
+ Motor vehicles – 1.2%.
The CPI indexation factor is utilised in calculating the value of remote area fringe benefits in the fringe benefits tax rules. The indexation factor under those rules remained unchanged from the September quarter at 179.4.
ss 60, 60AA of Fringe Benefits Tax Act, ABS Catalogue 6401.0, WTB 85
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