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.

  • 29 May 2024 CPI April 2024

    The monthly CPI indicator suggested that the annual rate of consumer price inflation picked up 0.1ppts to 3.6% YoY in April, against the market expectations of a 0.1ppts decline to 3.4%.

  • 24 Apr 2024 CPI March and Q1 2024

    The headline CPI (unadjusted) rose 1.0% in Q1 2024, more than the 0.8% pencilled in by the market consensus and the 0.6% rise in the previous quarter.

  • 27 Mar 2024 CPI February 2024

    The monthly CPI indicator was up 3.4% YoY in February, same as in January. This came against the market expectations of a slight 0.1ppts uptick to 3.5%.

  • 28 Feb 2024 CPI January 2024

    The monthly CPI indicator was up 3.4% YoY in January, slightly less than the 3.6% consensus expectation and the same as in December. Annual trimmed mean inflation, which is the RBA’s favoured measure of underlying inflation, declined 0.2ppts to 3.8%, still above the target band but the lowest since March 2022.

  • 31 Jan 2024 CPI Q4 and December 2023

    The headline CPI (unadjusted) rose 0.6% in Q4 2023, taking the annual rate of inflation 1.3ppts lower to 4.1% unseen in two years. Trimmed mean CPI, the RBA’s favourite underlying price gauge, rose by 0.8% QoQ, to be 4.2% up through the year. These figures surprised market analysts, who expected headline and trimmed mean inflation to be at 4.3%.

  • 10 Jan 2024 Monthly CPI Indicator November 2023

    The monthly CPI indicator was up 4.3% YoY in November (exp. 4.4%). This was down 0.6ppts from October and is the smallest annual increase since January 2022.

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