Inflation has risen 0.2 per cent in the 12 months to August, according to fresh data from the Australian Bureau of Statistics.

The ABS' monthly CPI data showed the annual rate rose to 3 per cent in August, up from 2.8 per cent, marking the "highest annual inflation rate since July 2020", according to head of prices statistics Michelle Marquardt.

The largest contributors were housing which rose by 4.5 per cent, with food and non-alcoholic beverage prices increasing by 3 per cent, and Alcohol and tobacco rising by 6 per cent.

Electricity prices rose by a mammoth 24.6 per cent in the 12 months to August, with the large increase primarily due to state and federal governments energy rebates being phased out and redacted.

Rising electricity costs are also behind surging housing inflation.

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