Economic Indicators

CPI Inflation

The most recent data on Consumer Price Index (CPI) inflation across Australia.

The Consumer Price Index (CPI) measures inflation through the change in prices that households pay for goods and services. The Reserve Bank of Australia targets a CPI inflation rate of 2-3 per cent. This note presents an overview and commentary on the most recent CPI data.

  • 27 Aug 2025 CPI July 2025

    The monthly CPI indicator suggested that the annual rate of consumer price inflation had increased to 2.8% in July, exceeding the 2.3% expected by the markets. The stronger-than-expected rise in inflation implied from the CPI indicator came from the rise in out-of-pocket expenses for electricity and the solid rise in costs of holiday travel and accommodation.

  • 30 Jul 2025 CPI June & Q2 2025

    The headline CPI rose by 0.7% in Q2 2025, taking the annual rate of inflation 0.3 percentage points lower to 2.1%. Trimmed mean CPI, which is the RBA’s favourite underlying price gauge, rose by 0.6% QoQ and 2.7% YoY. The decline in trimmed mean inflation should be enough to secure a 25bps cash rate cut at the Monetary Policy Board meeting on 11-12 August.

  • 25 Jun 2025 CPI May 2025

    The monthly CPI indicator suggested that the annual rate of consumer price inflation fell by 0.3ppts to 2.1% in May. This was a downside surprise to the market participants, who expected a smaller 0.1ppts decline to 2.3%. Annual trimmed mean inflation, which is the RBA’s favoured measure of underlying inflation, fell 0.4ppts to 2.4%, which is the lowest level since November 2021.

  • 28 May 2025 CPI April 2025

    The monthly CPI indicator suggested that the annual rate of consumer price inflation in April remained at 2.4% for the third straight month. The underlying inflation measures ticked up in April, but remained within the RBA target range of 2–3%.

  • 30 Apr 2025 CPI March 2025

    The headline CPI rose by 0.9% in Q1 2025, while the annual rate of headline CPI inflation was unchanged at 2.4%. Annual trimmed mean CPI inflation, which is the RBA’s favourite underlying inflation gauge, declined to 2.9% in Q1, thus coming back to the RBA target range.

  • 26 Mar 2025 CPI February 2025

    The monthly CPI indicator suggested that the annual rate of consumer price inflation ebbed 0.1ppts to 2.4% YoY in February, against market expectations of no change. Annual trimmed mean inflation, which is the RBA’s favoured measure of underlying inflation, declined 0.1ppts to 2.7%, which is very close to the mid-point of RBA target range of 2-3%.

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