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Australia Inflation Rate

Last Release
Dec 31, 2023
Actual
4.1
Units In
%
Previous
5.4
Frequency
Quarterly
Next Release
Apr 24, 2024
Time to Release
2 Months 22 Days 0 Hours
Highest
Lowest
Average
Date Range
Source
23.9
Dec 1951
-1.3
Jun 1962
4.89 %1951-2023Australian 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 4.1% yoy in Q4 of 2023, down from 5.4% in Q3 and below market expectations of 4.3%. This was the lowest figure since Q4 of 2021, as goods inflation eased for the fifth consecutive quarter (3.8% vs 4.9% in Q3) and services inflation slowed for the second straight quarter (4.6% vs 5.8%). Notably, inflation moderated for food (4.5% vs. 4.8% in Q3), housing (6.1% vs 7.0%), health (5.1% vs 5.4%), transport (3.7% vs 5.6%), recreation & culture (0.5% vs 5.6%), education (4.7% vs 4.8%), and insurance & financial services (8.1% vs 8.6%). Simultaneously, cost fell for clothing (-1.1% vs 0.9%), and furnishing and household services (-0.2% vs 2.5%). By contrast, prices quickened for alcohol and tobacco (6.6% vs 4.9%), furniture (6.9% vs. 4.9%), and communication (2.2% vs 1.3%). Meanwhile, the RBA's Trimmed Mean CPI increased by 4.2% yoy, the softest rise since Q1 of 2022, after a 5.2% gain in Q3, but remained outside the central bank's target range of 2-3%.

Australia Inflation Rate History

Last 12 readings

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