The Melbourne Institute's Monthly Inflation Gauge showed prices accelerated to 0.8% in July 2023 from June’s 10-month low of a 0.1% rise. The result came ahead of the Reserve Bank's monetary policy meeting for August on Tuesday, with markets forecasting the central bank to raise the rates by 25bps to the highest since November 2011 of 4.35% after leaving borrowing costs unchanged in July. The board viewed that inflation in Australia had eased from its peak but remained too high. The annual inflation rate in the country slowed to 6.0% in Q2 of 2023, the lowest level since Q3 of 2022, amid a slowdown in goods inflation. Meanwhile, monthly data showed consumer prices rose by 5.4% in June 2023, after a downwardly revised 5.5% rise previously, marking the softest rate since February 2022. source: Melbourne Institute

MI Inflation Gauge MoM in Australia averaged 0.23 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 August of 2023.

MI Inflation Gauge MoM in Australia is expected to be 0.40 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 Reference Actual Previous Consensus TEForecast
2023-07-03 01:30 AM Jun 0.1% 0.9% 0.2%
2023-07-31 01:00 AM Jul 0.8% 0.1% 0.5%
2023-09-04 01:00 AM Aug 0.8% 0.1%


Related Last Previous Unit Reference
MI Inflation Gauge MoM 0.80 0.10 percent Jul 2023
Inflation Expectations 4.90 5.20 percent Aug 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
0.80 0.10 1.20 -1.20 2002 - 2023 percent Monthly
NSA

News Stream
Australia MI Monthly Inflation Rises to 0.8% in July
The Melbourne Institute's Monthly Inflation Gauge showed prices accelerated to 0.8% in July 2023 from June’s 10-month low of a 0.1% rise. The result came ahead of the Reserve Bank's monetary policy meeting for August on Tuesday, with markets forecasting the central bank to raise the rates by 25bps to the highest since November 2011 of 4.35% after leaving borrowing costs unchanged in July. The board viewed that inflation in Australia had eased from its peak but remained too high. The annual inflation rate in the country slowed to 6.0% in Q2 of 2023, the lowest level since Q3 of 2022, amid a slowdown in goods inflation. Meanwhile, monthly data showed consumer prices rose by 5.4% in June 2023, after a downwardly revised 5.5% rise previously, marking the softest rate since February 2022.
2023-07-31
Australia MI Monthly Inflation Gauge at 10-Month Low
The Melbourne Institute's Monthly Inflation Gauge showed prices eased to a ten-month low of 0.1% in June 2023 following a 0.9% rise in May, marking the 10th consecutive period of increase. The latest result came ahead of the Reserve Bank's monetary policy meeting for July, with economists and money markets being divided on whether the Reserve Bank of Australia would leave the cash rate unchanged to assess the impact of the previous tightening or lift again to prevent upside risks to prices. The central bank governor Philip Lowe last month said that the recent flow of data suggested there were many upside risks to inflation, including persistent services price inflation locally and globally. The annual inflation rate in Australia stood at 7.0% in Q1 of 2023, staying near an over 3-decade high. Meanwhile, monthly data indicated consumer prices grew by 5.6% yoy in May, the smallest increase since April last year.
2023-07-03
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