The monthly Consumer Price Index (CPI) indicator in Australia climbed by a new peak of 8.4% in the year to December 2022, accelerating from 7.3% in the year to November and beating the market consensus of a 7.6% growth. Upward pressures largely came from the cost of housing (10.1% vs 9.6% in November), namely a 16.0% surge in new dwellings; food and non-alcoholic beverages (9.5% vs 9.4%), with a rise in all sub-categories; transport (7.3% vs 9.0%), namely, automotive fuel (10.8% vs 8.4%); and recreation and culture (14.4% vs 5.8%), boosted by a record high costs of holiday travel and accommodation (29.3%). The monthly CPI indicator, excluding volatile items of fruit, vegetables, and fuel, increased to 8.1% in December from 6.7% in November, the most since December 2018. Inflation remained well above the Reserve Bank of Australia's target range of 2-3%. source: Australian Bureau of Statistics
Monthly CPI Indicator in Australia averaged 2.75 percent from 2018 until 2022, reaching an all time high of 8.40 percent in December of 2022 and a record low of -0.20 percent in May of 2020. This page includes a chart with historical data for Australia Monthly CPI Indicator. Australia Monthly CPI Indicator - data, historical chart, forecasts and calendar of releases - was last updated on January of 2023.
Monthly CPI Indicator in Australia is expected to be 6.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.