Consumer Price Index

  • December & Q4 2022

    January 25, 2023

    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). The monthly CPI indicator suggests that headline inflation rose to 8.4% in December from 7.3% in the previous month.

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  • November 2022

    January 11, 2023

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

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  • October 2022

    November 30, 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).

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  • September & Q3 2022

    October 26, 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.

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  • July-August

    September 29, 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. The deceleration in fuel price growth was the main contributor to a slight decline in the annual rate of CPI inflation from July to August.

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  • Q2 2022

    July 27, 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%.

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