The annual inflation rate in Australia rose to 1.1% in Q1 2021 from 0.9% in Q4 and compared with market consensus of 1.4%. This was the highest reading since Q1 2020, amid a rise in tobacco excise; resetting of the Medicare and Pharmaceutical Benefits; the introduction, continuation, and conclusion of a number of government schemes; and home building grants. Prices increased for food (0.7% vs 2.3% in Q4), alcohol & tobacco (7.9% vs 9.3%), furnishings (2.7% vs 3.6%), health (3% vs 2.6%), transport (0.4% vs -4.6%), recreation (1.5% vs flat reading), and insurance & financial services (0.6% vs 1.2%). In contrast, cost fell further for housing(-1.1% vs -0.9%), education (-0.1% vs 2.1%), and communication (-1.9% vs -2.7%). On a quarterly basis, consumer prices went up 0.6%, the least in three quarters, below forecasts of 0.9%. RBA Trimmed Mean CPI rose 1.1% yoy in Q1, the least on record, after a 1.2% rise in Q4. Quarter-on-quarter, the index rose 0.3% after gaining 0.4% in Q4. source: Australian Bureau of Statistics
Inflation Rate in Australia averaged 4.88 percent from 1951 until 2021, 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 July of 2021.
Inflation Rate in Australia is expected to be 4.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Australia to stand at 2.30 in 12 months time. In the long-term, the Australia Inflation Rate is projected to trend around 2.10 percent in 2022, according to our econometric models.