Consumer Price Index

  • Q1 2022

    April 27, 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.

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  • Q4 2021

    January 25, 2020

    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.

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  • Q3 2021

    October 27, 2021

    The headline CPI rose 0.8% in Q3 2021, while annual headline CPI inflation slowed to 3.0%.

    Annual trimmed mean inflation, the RBA’s favourite price growth gauge, rose to 2.1% from 1.6% in Q2 and hence was unexpectedly back in the RBA target range for the first time since Q4 2015.

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  • Q2 2021

    July 28, 2021

    The headline CPI rose 0.8% in Q2 2021, slightly more than forecast by market participants (0.7%) and faster than the 0.6% in the previous quarter.

    Annual headline CPI inflation accelerated to 3.8%, in line with market expectations, reflecting the low statistical base from a year ago as well as a reversal of earlier decreases in prices for some goods and services.

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  • CPI Q1 2021

    April 28, 2021

    Headline CPI rose by 0.6% in Q1 2021, much less than envisaged by the market consensus (0.9%).

    Annual trimmed mean CPI inflation, the RBA’s favourite inflation gauge, declined to an all-time low of 1.1%.

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  • Q4 2020

    January 27, 2021

    The headline CPI (unadjusted) rose 0.9% in Q4 2020, slightly more than expected by market participants (0.7%).

    Through the year, headline CPI also increased by 0.9% (market forecast 0.7%).

    The RBA’s favourite inflation gauge, annual trimmed mean CPI inflation was 1.2% up over the year, still significantly below the RBA’s inflation target band.

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