The Australian Bureau of Statistics (ABS) revealed that the consumer price index (CPI) rose 0.8 percent in the September quarter, in line with economists’ expectations, and 3 percent annually. The quarterly increase was driven by the rising fuel costs (7.1 percent) and housing construction (3.3 percent). “Construction input costs such as timber increased due to supply disruptions and shortages. Combined with high levels of building activity, this saw price increases passed through to consumers,” ABS head of price statistics Michelle Marquardt said. “Rising fuel prices also contributed to the September quarter CPI increase, with the CPI’s automotive fuel series reaching the highest level in its half-century history.” The ongoing global supply crunch also pushed up prices for furniture (3.8 percent) and motor vehicles (1.4 percent). The most significant price fall was for fruit (8.3 percent) due to reduced demand from the food industry and the favourable growing conditions that have …