Australia's inflation rate dropped to 6.0% year-on-year in the second quarter of 2023, down from 7.0% in the previous period and below market forecasts of 6.2%. This marked the lowest figure since the third quarter of 2022, primarily driven by a slowdown in goods inflation (5.8% vs. 7.6% in Q1). Notably, inflation decelerated for food (7.5% vs. 8.0%), furniture (6.9% vs. 9.0%), appliances (1.4% vs. 4.6%), and clothes (0.3% vs. 3.2%), while automotive fuel prices declined (-3.6% vs. 1.1%). In contrast, services inflation accelerated to 6.3%, the highest rate since the introduction of the GST in 2001. This surge was driven by higher prices in various service categories, including rents (6.7% vs. 4.9%), restaurant meals (6.5% vs. 7.0%), holiday travel (12.2% vs. 17.1%), and insurance (14.2% vs. 8.8%). Meanwhile, the RBA's Trimmed Mean CPI rose by 5.9% year-on-year, marking the slowest growth rate in a year, but still remaining well above the central bank's target range of 2-3%. source: Australian Bureau of Statistics

Inflation Rate in Australia averaged 4.90 percent from 1951 until 2023, 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 August of 2023.

Inflation Rate in Australia is expected to be 5.10 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 2.90 percent in 2024 and 2.30 percent in 2025, according to our econometric models.

Ok
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

API Features Documentation Interested? Click here to contact us
Please Paste this Code in your Website
Width
Height
 Preview

Australia Inflation Rate



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-04-26 01:30 AM Q1 7% 7.8% 6.9% 6.8%
2023-07-26 01:30 AM Q2 6% 7% 6.2% 6.3%
2023-10-25 12:30 AM Q3 6% 5.1%


Related Last Previous Unit Reference
Inflation Rate 6.00 7.00 percent Jun 2023
Inflation Rate MoM 0.80 1.40 percent Jun 2023
Consumer Price Index CPI 133.70 132.60 points Jun 2023
Core Inflation Rate 5.90 6.60 percent Jun 2023
Core Consumer Prices 132.17 131.01 points Jun 2023
GDP Deflator 115.52 113.39 points Mar 2023
Producer Prices 124.70 124.10 points Jun 2023
Producer Prices Change 3.90 4.90 percent Jun 2023
Export Prices 169.10 184.90 points Jun 2023
Import Prices 131.60 132.60 points Jun 2023
Food Inflation 7.50 8.00 percent Jun 2023
CPI Transportation 126.60 126.70 points Jun 2023
CPI Housing Utilities 142.90 141.70 points Jun 2023

Australia Inflation Rate
In Australia, the most important categories in the consumer price index are housing (23 percent of the total weight), food and non–alcoholic beverages (17 percent), transport (11 percent), furnishings, household equipment and services (9 percent), alcohol and tobacco (9 percent), recreation and culture (9 percent), health (7 percent) and insurance and financial services (6 percent). Clothing and footwear, education and communication account for remaining 10 percent of total weight.
Actual Previous Highest Lowest Dates Unit Frequency
6.00 7.00 23.90 -1.30 1951 - 2023 percent Quarterly
2011/2012=100

News Stream
Australia Q2 Inflation Rate Slows More than Expected
Australia's inflation rate dropped to 6.0% year-on-year in the second quarter of 2023, down from 7.0% in the previous period and below market forecasts of 6.2%. This marked the lowest figure since the third quarter of 2022, primarily driven by a slowdown in goods inflation (5.8% vs. 7.6% in Q1). Notably, inflation decelerated for food (7.5% vs. 8.0%), furniture (6.9% vs. 9.0%), appliances (1.4% vs. 4.6%), and clothes (0.3% vs. 3.2%), while automotive fuel prices declined (-3.6% vs. 1.1%). In contrast, services inflation accelerated to 6.3%, the highest rate since the introduction of the GST in 2001. This surge was driven by higher prices in various service categories, including rents (6.7% vs. 4.9%), restaurant meals (6.5% vs. 7.0%), holiday travel (12.2% vs. 17.1%), and insurance (14.2% vs. 8.8%). Meanwhile, the RBA's Trimmed Mean CPI rose by 5.9% year-on-year, marking the slowest growth rate in a year, but still remaining well above the central bank's target range of 2-3%.
2023-07-26
Australia Inflation Rate Falls from Over 3-Decade High
The annual inflation rate in Australia dropped to 7.0% in Q1 of 2023 from an over-30-year high of 7.8% in the previous period, compared with market forecasts of 6.9%. It was the lowest print since Q2 of 2022, with food prices rising the least in 3 quarters. Furthermore, cost slowed for transport (4.3% vs 8.0%), housing (9.8% vs 10.7%), furnishings (6.7% vs 8.4%), and recreation (8.6% vs 9.0%). Inflation was stable for alcohol & tobacco (at 4.4%), while prices accelerated for health (5.3% vs 3.8%) and insurance & financial services (6.5% vs 5.0%). On a quarterly basis, consumer prices went up 1.4%, the least since Q4 of 2021, mainly fueled by the growing cost of medical services, tertiary education, gas and household fuels, and domestic holiday travel. Meanwhile, the RBA Trimmed Mean CPI added 6.6% yoy, below the consensus of 6.7%, easing from a record 6.9% increase in Q4 but remaining outside the midpoint of the central bank’s 2-3% target. Quarter-on-quarter, the index rose by 1.2%.
2023-04-26
Australia Q3 Inflation Rate Highest in Over 32 Years
The annual inflation rate in Australia climbed to 7.3% in Q3 of 2022 from 6.1% in Q2, above market forecasts of 7.0%. This was the highest print since Q2 1990, boosted by higher prices for new dwelling construction, automotive fuel, and food. Prices of food rose the most since Q4 1983 (9.0% vs 5.9% in Q3), while cost increased further for transport (9.2% vs 13.1%), housing (10.5% vs 9%), alcohol & tobacco (4.0% vs 2.2%), furnishings (7.7% vs 6.3%), recreation (5.0% vs 4.5%), health (2.7% vs 2.4%), and insurance & financial services (4.2% vs 3.4%). On a quarterly basis, consumer prices went up 1.8%, the same pace as in Q2 which remained the steepest pace since the introduction of the Goods and Services Tax, compared to consensus of 1.6%, due to further rises in cost of new dwellings, gas, and furniture. The RBA Trimmed Mean CPI jumped 6.1% 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 1.8%.
2022-10-26