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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