The annual inflation rate in Australia climbed to 6.1% in Q2 of 2022 from 5.1% in Q1 and compared with market forecasts of 6.2%. This was the highest print since Q2 2001, amid an acceleration in prices of food and further rises in cost of both fuel and dwelling. Prices of food rose the most since Q3 2011 (5.9% vs 4.3% in Q1), while additional upward pressures came from cost of transport (13.1% vs 13.7%), housing (9% vs 6.7%), alcohol & tobacco (2.2% vs 1.8%), furnishings (6.3% vs 4.9%), recreation (4.5% vs 3%), health (2.4% vs 3.5%), and insurance & financial services (3.4% vs 2.7%). On a quarterly basis, consumer prices went up 1.8% in Q2, the second highest figure since the introduction of the Goods and Services Tax, compared to consensus of 1.9%, due to rises in cost of new dwellings and fuel. The RBA Trimmed Mean CPI rose 4.9% yoy, the fastest pace since the series began in 2003, exceeding the midpoint of the RBA’s 2-3% target. Quarter-on-quarter, the index gained 1.5%. source: Australian Bureau of Statistics
Inflation Rate in Australia averaged 4.87 percent from 1951 until 2022, reaching an all time high of 23.90 percent in the fourth quarter of 1951 and a record low of -1.30 percent in the second quarter of 1962. This page provides the latest reported value for - Australia Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Australia Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2022.
Inflation Rate in Australia is expected to be 6.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Australia Inflation Rate is projected to trend around 3.50 percent in 2023 and 2.50 percent in 2024, according to our econometric models.