Australia Inflation Rate

Last Release

Mar 31, 2024

Actual

3.6

Units In

4.1

Frequency

Quarterly

Next Release

Jul 31, 2024

Time to Release

3 Months 3 Days 16 Hours

Highest	Lowest	Average	Date Range	Source
23.9 Dec 1951	-1.3 Jun 1962	4.89 %	1951-2024	Australian Bureau of Statistics

In Australia, the most important categories in the consumer price index are housing (22.3 percent of the total weight), food and non–alcoholic beverages (16.8 percent), recreation and culture (12.6 percent), transport (11.6 percent), furnishings, household equipment and services (9.1 percent), alcohol and tobacco (7.1 percent), health (5.3 percent) and insurance and financial services (5.1 percent). Clothing and footwear, education and communication account for remaining 10.2 percent of total weight.

Latest Updates

Australia's inflation rate was at 3.6% yoy in Q1 of 2024, down from 4.1% in the prior period but above market expectations of 3.4%. This was the lowest figure since Q4 of 2021, as goods inflation eased for the sixth consecutive quarter (3.1% vs 3.8% in Q4) and services inflation slowed for the third straight quarter (4.3% vs 4.6%). Notably, inflation moderated for most components: food (3.8% vs 4.5%), alcohol and tobacco (6.3% vs 6.6%), housing (4.9% vs 6.1%), health (4.1% vs 5.1%), transport (3.6% vs 3.7%), communication (1.8% vs 2.2%), recreation & culture (0.2% vs 0.5%), and insurance & financial services (8.2% vs 8.1%). In the meantime, the cost of education accelerated (5.2% vs 4.7%) while prices of clothing rebounded (0.4% vs -1.1%) and furnishing and household services (0.2% vs -0.%). In the meantime, the RBA's Trimmed Mean CPI increased by 4.0% yoy, the softest rise in two years, but remained outside the central bank's target range of 2-3%.