Annual inflation bounces back

Inflation has rebounded, squashing hopes it had passed its peak.

The return to a 7.3 per cent annual increase in November comes after the Australian Bureau of Statistics' recently-introduced monthly consumer price index returned a weaker 6.9 per cent read in October.

The indicator was up 0.8 per cent month-by-month, and the trimmed figure lifted to 5.6 per cent from 5.4 per cent in October.

St George Bank economist Jameson Coombs said the result reflected expectations that inflation pressures were building at the end of 2022, but price pressures should ease during this year.

Housing remained one of the largest contributors to the November reading - lifting 9.6 per cent over the 12 months - with rents continuing to rise as more leases expire and tenants are forced to negotiate at a higher market rate.

But the results showed new dwelling prices easing slightly to 17.9 per cent from an even higher 20.4 per cent uplift in October.

The return of the full fuel excise tax also showed up in November reading, with transport costs surging nine per cent.

Mr Coombs said the sharp uptick in health, recreation and culture, and financial services industries, would concern the central bank as services inflation tends to be stickier than goods inflation.

"Today's data is unlikely to sway the RBA from its current course," he said, noting that wages data due later in the month would have a greater bearing on the RBA's February decisions.

Treasurer Jim Chalmers said the spike in energy prices caused by war in Ukraine and the impacts of floods were yet to exert their full impact.

"Even after inflation peaks in our economy, we need to remain vigilant to the global economic pressures that will continue to impact us for some time to come," he said.

The latest inflation figures follow the World Bank's downgraded growth forecasts for the global economy to 1.7 per cent.

Six months ago, the organisation expected the world's economies to grow three per cent in 2023.

Other ABS data showed Black Friday sales boosting retail turnover to a new record high, with the effect of the November discounting period growing stronger each year.

The 1.4 per cent lift in the official retail sales figure for November last year followed a smaller 0.4 per cent bump higher in October.

ABS head of retail statistics Ben Dorber said the Black Friday sales flamed spending on clothing, footwear, furniture and electronic goods.

Despite the uptick in sales-related spending, the data revealed a slowdown in food-related spending growth.

ABS also released its job vacancy data, which show open jobs falling five per cent in the three months to November 2022.

Despite the fall, the number of job vacancies in November was 12 per cent higher than 12 months prior.