The Melbourne Institute's Monthly Inflation Gauge showed prices accelerated to a four-month high of 0.9% in May 2023, following a 0.2% rise in April and marking the ninth consecutive period of increase. The latest result came ahead of the Reserve Bank's monetary policy meeting for June. The central bank is expected to keep its key interest rate unchanged at 3.85% after raising it last month, which followed a pause in April. There has been little evidence inflation in Australia will fall to the RBA's target range of between 2% and 3% anytime soon, with RBA Governor Philip Lowe saying in a recent appearance before lawmakers "we've got work to do there." The annual inflation rate in the country stood at 7.0% in Q1 of 2023, staying near an over 3-decade high. Meanwhile, monthly data indicated consumer prices grew by 6.8% yoy in April 2023, quickening from March's 10-month low of 6.3%. source: Melbourne Institute

MI Inflation Gauge MoM in Australia averaged 0.22 percent from 2002 until 2023, reaching an all time high of 1.20 percent in July of 2022 and a record low of -1.20 percent in May of 2020. This page includes a chart with historical data for Australia MI Inflation Gauge MoM. Australia Melbourne Institute Inflation Gauge MoM - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.

MI Inflation Gauge MoM in Australia is expected to be 0.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Australia Melbourne Institute Inflation Gauge MoM is projected to trend around 0.30 percent in 2024 and 0.20 percent in 2025, according to our econometric models.

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Australia Melbourne Institute Inflation Gauge MoM



Calendar GMT Actual Previous Consensus TEForecast
2023-05-01 01:00 AM Apr 0.2% 0.3% -0.3%
2023-06-05 01:00 AM May 0.9% 0.2% 0.4%
2023-07-03 01:00 AM Jun 0.9% 0.2%


Related Last Previous Unit Reference
MI Inflation Gauge MoM 0.90 0.20 percent May 2023
Inflation Expectations 5.00 4.60 percent May 2023

Australia Melbourne Institute Inflation Gauge MoM
In Australia, the Melbourne Institute Monthly Inflation Gauge estimates month-to-month price movements for a wide range of goods and services across the capital cities of Australia. It aims to provide financial markets and policy-makers with regular updates on trends in inflation. The report is based on the Australian Bureau of Statistics’ methodology for calculating the quarterly consumer price index.
Actual Previous Highest Lowest Dates Unit Frequency
0.90 0.20 1.20 -1.20 2002 - 2023 percent Monthly
NSA

News Stream
Australia MI Monthly Inflation Gauge at 4-Month High
The Melbourne Institute's Monthly Inflation Gauge showed prices accelerated to a four-month high of 0.9% in May 2023, following a 0.2% rise in April and marking the ninth consecutive period of increase. The latest result came ahead of the Reserve Bank's monetary policy meeting for June. The central bank is expected to keep its key interest rate unchanged at 3.85% after raising it last month, which followed a pause in April. There has been little evidence inflation in Australia will fall to the RBA's target range of between 2% and 3% anytime soon, with RBA Governor Philip Lowe saying in a recent appearance before lawmakers "we've got work to do there." The annual inflation rate in the country stood at 7.0% in Q1 of 2023, staying near an over 3-decade high. Meanwhile, monthly data indicated consumer prices grew by 6.8% yoy in April 2023, quickening from March's 10-month low of 6.3%.
2023-06-05
Australia MI Monthly Inflation Gauge at 4-Month Low
The Melbourne Institute's Monthly Inflation Gauge showed prices eased to a four-month low of 0.2% in April 2023, following a 0.3% rise in March and marking the eighth consecutive period of increase. The latest result came ahead of the Reserve Bank's monetary policy meeting for May. The central bank is expected to extend a pause in its current tightening cycle, leaving the cash rate at 3.6% for the second month in a row, as inflation slowed further, both in terms of quarterly and monthly readings. The annual inflation rate in Australia dropped to 7.0% in Q1 of 2023, down from an over-30-year high of 7.8% in Q4, due to decreased cost of food, transport, and housing. Meanwhile, monthly data indicated consumer prices in Australia grew by 6.3% yoy in March, the least in 10 months.
2023-05-01
Australia MI Inflation Gauge Rises for 7th Month
The Melbourne Institute's Monthly Inflation Gauge showed prices eased to 0.3% in March 2023 from 0.4% in the previous month. This was the seventh consecutive period of increase in the index. The latest result came ahead of the Reserve Bank's monetary policy meeting for April, where the central bank is expected to go for a final 25bps interest rate hike to 3.85%. Inflation in Australia rose to a more than three-decade high of 7.8% in Q4 of 2022, well above the central bank's target of 2%-3%, but the central bank has signaled a possible end to its current tightening cycle, as it did in December. A new monthly measure of Australian inflation recently showed consumer prices rose the least in eight months of 6.8% in February from 7.4% in January, bolstering the case for a pause in rate hikes.
2023-04-03