Received

The monthly consumer price index fell to 6.9 per cent in October after hitting 7.3 per cent the month before.

Recently introduced by the Australian Bureau of Statistics to supplement the main quarterly index, the monthly measure of price pressures remains high and well above the two to three per cent inflation range targeted by the central bank.

Surging new dwelling costs contributed to the inflated annual score, lifting by 20.4 per cent over the year.

"High levels of building construction activity and ongoing shortages of labour and materials contributed to the rise in new dwellings," ABS head of prices statistics Michelle Marquardt said.

The cut to the fuel excise tax also showed up in the October reading, with automotive fuel prices increasing by 11.8 per cent.

While fruit and vegetable costs remain high, better growing conditions fed into lower prices in October (9.4 per cent) compared to September (17.4 per cent).

Holiday travel and accommodation prices also moderated, as did airfare prices as school holidays ended and the off-peak season for European and American travel began.

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A key price gauge shows cost of living pressures are easing, but the treasurer warns Australia's inflationary challenge is far from over.

Inflation fell to 6.9 per cent in the year to October after hitting 7.3 per cent in September, according to the monthly consumer price index.

Recently introduced by the Australian Bureau of Statistics to supplement the main quarterly index, the monthly measure of price pressures remains high and well above the two to three per cent inflation range targeted by the central bank.

Trimmed mean inflation declined slightly from an annual pace of 5.4 per cent in September to 5.3 per cent in October.

"This is very elevated and suggests inflation remains broad-based across the economy," St George economist Jameson Coombs said.

ABS head of prices statistics Michelle Marquardt said a scheduled change to the way the bureau calculated the consumer index in order to reflect shifting spending patterns was partially responsible for the unexpected monthly decline.

Under the old weighting system, the headline inflation reading would have been 7.1 per cent rather than 6.9 per cent, she said.

Mr Coombs added the monthly index was more volatile than the quarterly version and said the monthly slip did not necessarily indicate a changing trend.

"The data, although softer, suggests that the inflation pulse remains strong and that domestic drivers of inflation remain acute," he said.

Treasurer Jim Chalmers welcomed the slowdown in inflation but warned the recent floods and surging energy costs were yet to impact prices.

"While the slight easing in the indicator in October is welcome, we know there are further price pressures that will drive inflation this quarter," he said.

Softening prices across some key categories helped pull the index lower as better growing conditions fed into lower inflation for fruit and vegetables.

Prices for the fresh food items increased at an annual rate of 9.4 per cent in October compared to 17.4 per cent in September.

Holiday travel and accommodation prices also moderated sharply, dropping from 12.6 per cent in September to 3.7 per cent annual growth in October after the end of school holidays and peak European and American travel seasons helped pull airfares down.

But the restoration of the full fuel excise appeared in the October reading, which showed automotive fuel prices increased by 11.8 per cent, up from 10.1 per cent in the year to September.

Low vacancy rates also fed into higher rents, which were up 3.5 per cent in October compared to 2.9 per cent in September.

Separate figures from the ABS showed new dwelling approvals continued tracking down in October, falling six per cent over the month after a 8.1 per cent drop in September.

Apartment approvals led the decline, while private-sector houses decreased by only 2.2 per cent.

The bureau also released completed construction work data, which rose 2.2 per cent in the September quarter as the industry continued to work through a significant backlog of work.

After a depressed June quarter reading, residential building activity lifted by 1.3 per cent over the September quarter.

Non-residential building activity increased by 1.1 per cent over the quarter, with activity expected to remain strong due to a sizeable pipeline of new projects.

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Federal and state Nationals MPs have broken ranks with party colleagues to support an Indigenous voice to parliament.

West Australian Nationals leader Mia Davies on Tuesday criticised her federal counterparts for declaring they will oppose an Indigenous voice, which will be put to a national vote in the next financial year.

Federal Nationals frontbencher Andrew Gee, who was not present at this week's party room meeting in Canberra, said he had been a long-time supporter of a constitutionally enshrined voice, and had not changed his position on the issue.

Ms Davies says her party will support the voice proposal put forward by the Albanese government and she was caught unaware by David Littleproud announcing the federal Nationals' position.

Mr Littleproud has said the voice would not deliver practical outcomes to close the gap for First Nations people.

Ms Davies said the voice could be achieved alongside practical outcomes.

Mr Gee told supporters on his Facebook page: "While I respect the opinions of my colleagues, I'm still a supporter."

"So yes, there is still a heck of a lot of hard work to do. To achieve a voice we'll need that as well as goodwill, open minds and generosity of spirit.

"Reconciliation in Australia has made significant progress in recent years but there is still a long way for us all to travel.

"Let's keep working at it and walking down that road. Together we can do it."

Mr Gee called on the Albanese government to release more detail on what the advisory body would look like.

Prime Minister Anthony Albanese has reaffirmed support for a voice, saying it would deliver practical outcomes.

He said the voice would be more than just symbolism.

"Our experience shows that when people who are directly affected are consulted and have a sense of ownership over the solution, they will be more engaged," he told an Indigenous basketball event in Canberra on Tuesday.

Indigenous coalition senator Jacinta Nampijinpa Price said it wasn't a difficult decision for the Nationals to reach a "no" position on the voice.

"Basically taking an idea to a referendum with no detail and then allowing for the parliamentary process to fill in the detail, I don't think is a safe enough option," she told 2GB.

Opposition Leader Peter Dutton told a joint coalition party room meeting the Liberals respected the decision taken by the Nationals, but the Liberals were yet to come to an agreement on their stance.

"There will be a discussion in the Liberal party room and coalition party room in due course, but we're not there yet," he told MPs.

"Right now, the pressure needs to be on the prime minister to answer the most basic questions about the Indigenous voice to parliament ... we want more information, just like the rest of the country, before we can form a position."

Indigenous activist Noel Pearson said he was surprised the Nationals would stand against the voice.

"I've spoken to almost every Nationals senator and MP over recent years, and of all the political parties, the Nationals were the most supportive of the idea of the voice," he told ABC Radio.

"This leader, supposed leader Littleproud ... he's like a kindergarten kid, not a leader. The Nationals have hoisted the mantle of leadership on a boy who's incapable of leadership that's necessary for the country."

© AAP 2022