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 Mar 2023 CPI - February 2023

    The monthly CPI indicator rose by 6.8% over the year to February 2023, declining from the 7.4% recorded in the previous month. This was less than the 7.2% expected by the market participants. Compared to January, the level of the monthly CPI indicator rose by 0.2% in original terms and 0.6% in seasonally adjusted terms. This follows declines in the monthly rates of the CPI indicator in January.

  • 01 Mar 2023 CPI - January 2023

    The monthly CPI indicator rose 7.4% over the year to January 2023, declining from the 8.4% recorded in the final month of 2022. This was significantly less than the 8.0% expected by the market participants.

  • 25 Jan 2023 CPI - December and Q4 2022

    The headline CPI (unadjusted) rose by another 1.9% in Q4 2022, taking the annual inflation rate to 7.8% (the highest level since Q1 1990). The markets had expected that CPI had increased by 1.6% in the quarter and 7.5% through the year. The annual rate of trimmed mean inflation, the RBA’s favourite inflation gauge, increased to 6.9%, which is a new series high (since Q3 2003).

  • 11 Jan 2023 CPI - November 2022

    The monthly CPI indicator rose 7.3% over the year to November 2022.

  • 30 Nov 2022 CPI - October 2022

    The monthly CPI indicator, a recently introduced measure of consumer price growth, rose by 6.9% over the year to October 2022. This followed a 7.3% YoY increase in September and Q3 as a whole. The decline in inflation was driven by a slower annual increase in prices for fruit and vegetables (9.4% versus 17.4% in September).

  • 26 Oct 2022 CPI - September and Q3 2022

    The headline CPI (unadjusted) rose by another 1.8% in Q3 2022, taking the annual inflation rate to 7.3% (the highest level since Q2 1990). This was more than the 1.6% and 7.0% expected by the markets, respectively. The ABS has also released its estimates of the monthly CPI indicator, which suggests that headline inflation rose to 7.3% in September.

  • 29 Sep 2022 CPI - July to August 2022

    The monthly CPI indicator rose by 6.8% over the year to August 2022, which followed a 7.0% YoY increase in July (the highest since Q2 1990). A 20.7% rise in the price of new dwellings purchased by owner-occupiers was the largest single contributor to the increase in the CPI over the year to August.

  • 27 Jul 2022 CPI - Q2 2022

    The headline CPI (unadjusted) rose 1.8% in Q2 2022, taking the annual inflation rate to 6.1% (the highest level since Q2 2001). Annual trimmed mean inflation, which is the RBA’s preferred inflation gauge, rose to a new record high of 4.9% (since Q2 2003). This is significantly higher than the upper bound of the RBA target range of 2-3%.

  • 27 Apr 2022 CPI - Q1 2022

    The headline CPI (unadjusted) rose 2.1% in Q1 2022, the most since the introduction of the goods and services tax in 2000. The Q1 increase took annual CPI inflation to 5.1%, another high in over two decades. Annual trimmed mean inflation, which is the RBA’s preferred inflation gauge, rose to 3.7%. This is significantly above than the RBA’s target band and the highest level since March 2009.

  • 25 Jan 2022 CPI - Q4 2021

    The headline CPI rose 1.3% in Q4 2021, taking annual inflation to 3.5% or back above the RBA’s target band. The Q4 increase in CPI exceeded market expectations of 1.0% QoQ and 3.2% YoY. The RBA’s preferred inflation gauge rose further, reaching the mid-point of the target band two years earlier than envisaged in the RBA’s most recent projection.

Load more resources

Quick Links

Banner image top - Fremantle Markets, Fremantle. Image courtesy of Tourism Western Australia.