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.