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%. source: Australian Bureau of Statistics

Inflation Rate in Australia decreased to 3.60 percent in the first quarter of 2024 from 4.10 percent in the fourth quarter of 2023. Inflation Rate in Australia averaged 4.89 percent from 1951 until 2024, 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 April of 2024.

Inflation Rate in Australia decreased to 3.60 percent in the first quarter of 2024 from 4.10 percent in the fourth quarter of 2023. Inflation Rate in Australia is expected to be 3.20 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 2.60 percent in 2025 and 2.20 percent in 2026, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-01-31 12:30 AM
Inflation Rate YoY
Q4 4.1% 5.4% 4.3% 4.3%
2024-04-24 01:30 AM
Inflation Rate YoY
Q1 3.6% 4.1% 3.4% 3.4%
2024-07-31 01:30 AM
Inflation Rate YoY
Q2 3.6% 3.2%


Related Last Previous Unit Reference
CPI 137.40 136.10 points Mar 2024
Core Consumer Prices 136.04 134.69 points Mar 2024
RBA Trimmed Mean CPI YoY 4.00 4.20 percent Mar 2024
CPI Housing Utilities 148.60 147.50 points Mar 2024
CPI Transportation 131.20 130.50 points Mar 2024
Export Prices 169.50 173.10 points Mar 2024
Food Inflation 3.80 4.50 percent Mar 2024
GDP Deflator 109.13 107.85 points Dec 2023
Import Prices 131.70 134.10 points Mar 2024
Inflation Rate YoY 3.60 4.10 percent Mar 2024
Inflation Rate 1.00 0.60 percent Mar 2024
Monthly CPI Indicator 3.50 3.40 percent Mar 2024
Producer Prices 129.40 128.20 points Mar 2024
PPI YoY 4.30 4.10 percent Mar 2024

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
3.60 4.10 23.90 -1.30 1951 - 2024 percent Quarterly
NSA

News Stream
Australia Q1 Inflation Rate Slows Less than Expected
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%.
2024-04-24
Australia Q4 Inflation Rate Drops to 2-Year Low
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%.
2024-01-31
Australia Inflation Rate Lowest in 1-1/2-Years
Australia's inflation rate fell to 5.4% year-on-year in the third quarter of 2023, down from 6.0% in the previous period and compared to market forecasts of 5.3%. This marked the third quarter in a row of lower annual inflation, pointing to the softest figure since the first quarter of 2022, driven by a slowdown in goods and services inflation. Goods inflation eased to a near two-year low of 4.9% from 5.8% in Q2, underpinned by a slowdown in food inflation (4.8% vs 7.5%), furniture, and housing. Services inflation slowed to 5.8% from 6.3%, the lowest since the third quarter of 2022, amid softer rises in prices of hairdressers services (6.7% vs 7.1%), financial services (6.9% vs 7.1%), restaurant meals (6.1% vs 6.5%), and holiday travel (6.8% vs 12.2%). Meanwhile, the RBA's Trimmed Mean CPI climbed by 5.2% year-on-year, marking the slowest growth rate in over a year, but still remaining well above the central bank's target range of 2-3%.
2023-10-25