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.

  • 28 Feb 2024 Monthly CPI Indicator 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.

  • 29 Nov 2023 Monthly CPI Indicator October 2023

    Annual growth in the monthly CPI indicator declined 0.7ppts to 4.9% in October, which is the lowest level in three months. This was a downside surprise to the market participants, who expected a decline to 5.2%.

  • 25 Oct 2023 CPI - September and Q3 2023

    The headline CPI rose 1.2% in Q3 2023, taking the annual rate of inflation 0.6ppt lower to 5.4%. The Q3 CPI surprised slightly to the upside, with the markets expecting a rise of 1.1% QoQ and 5.3% YoY. Trimmed mean inflation, the RBA’s favourite underlying inflation gauge, was also higher than expected.

  • 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%.

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