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 Sep 2023 CPI - August 2023

    The monthly CPI indicator rose to 5.2% over the year to August 2023, 0.3ppts up from the 4.9% in the previous month and in line with the market expectations. The renewed rise in inflation was driven almost exclusively by transport amid a strong rebound in automotive fuel prices.

  • 30 Aug 2023 CPI - July 2023

    The monthly CPI indicator rose 4.9% over the year to July 2023, down from 5.4% in the previous month. This was a downside surprise to market participants, who expected a decline to 5.2%.

  • 26 Jul 2023 CPI - June and Q2 2023

    The headline CPI (unadjusted) rose 0.8% in Q2 2023, taking the annual rate of inflation 1.0ppt lower to 6.0%. The markets had expected CPI to increase by 1.0% in the quarter and 6.2% through the year.

  • 28 Jun 2023 CPI - May 2023

    The monthly CPI indicator rose by 5.6% over the year to May 2023, down from 6.8% in April. This was a downside surprise to the market participants, who expected a decline to 6.1%. The monthly CPI indicator was unchanged in May in seasonally adjusted terms.

  • 31 May 2023 CPI - April 2023

    The monthly CPI indicator rose by 6.8% over the year to April, up from 6.3% in the previous month. The April figures surprised to the upside, as the market participants expected annual CPI inflation to be steady at 6.3%. A significant contribution to the re-acceleration in annual growth in the CPI indicator in April came from the base effects from the impact of the fuel excise cut a year before.

  • 26 Apr 2023 CPI - March and Q1 2023

    The headline CPI (unadjusted) rose by 1.4% in Q1 2023, taking the annual rate of inflation 0.8ppts lower to 7.0%. The annual rate of trimmed mean inflation, the RBA’s favourite inflation gauge, declined 0.2ppts to 6.6%, which is slightly less than the 6.7% envisaged by the market consensus. The monthly CPI indicator suggested that the CPI rose 0.6% in March, to be up 6.3% YoY.

  • 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.

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