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%. source: Australian Bureau of Statistics

Inflation Rate in Australia decreased to 5.40 percent in the third quarter of 2023 from 6 percent in the second quarter of 2023. Inflation Rate in Australia averaged 4.90 percent from 1951 until 2023, 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 January of 2024.

Inflation Rate in Australia decreased to 5.40 percent in the third quarter of 2023 from 6 percent in the second quarter of 2023. Inflation Rate in Australia is expected to be 4.10 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 2.30 percent in 2025, according to our econometric models.

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Australia Inflation Rate


Calendar GMT Reference Actual Previous Consensus TEForecast
2023-07-26 01:30 AM
Inflation Rate YoY
Q2 6% 7% 6.2% 6.3%
2023-10-25 12:30 AM
Inflation Rate YoY
Q3 5.4% 6% 5.3% 5.1%
2024-01-31 12:30 AM
Inflation Rate YoY
Q4 5.4% 4.3%


Related Last Unit Reference
Inflation Rate 5.40 percent Sep 2023
Inflation Rate MoM 1.20 percent Sep 2023
Consumer Price Index CPI 135.30 points Sep 2023
Core Inflation Rate 5.20 percent Sep 2023
Core Consumer Prices 133.76 points Sep 2023
GDP Deflator 107.76 points Sep 2023
Producer Prices 127.00 points Sep 2023
Producer Prices Change 3.80 percent Sep 2023
Export Prices 163.90 points Sep 2023
Import Prices 132.60 points Sep 2023
Food Inflation 4.80 percent Sep 2023
Monthly CPI Indicator 4.30 percent Nov 2023
CPI Transportation 130.70 points Sep 2023
CPI Housing Utilities 146.00 points Sep 2023

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
5.40 6.00 23.90 -1.30 1951 - 2023 percent Quarterly
NSA

News Stream
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
Australia Q2 Inflation Rate Slows More than Expected
Australia's inflation rate dropped to 6.0% year-on-year in the second quarter of 2023, down from 7.0% in the previous period and below market forecasts of 6.2%. This marked the lowest figure since the third quarter of 2022, primarily driven by a slowdown in goods inflation (5.8% vs. 7.6% in Q1). Notably, inflation decelerated for food (7.5% vs. 8.0%), furniture (6.9% vs. 9.0%), appliances (1.4% vs. 4.6%), and clothes (0.3% vs. 3.2%), while automotive fuel prices declined (-3.6% vs. 1.1%). In contrast, services inflation accelerated to 6.3%, the highest rate since the introduction of the GST in 2001. This surge was driven by higher prices in various service categories, including rents (6.7% vs. 4.9%), restaurant meals (6.5% vs. 7.0%), holiday travel (12.2% vs. 17.1%), and insurance (14.2% vs. 8.8%). Meanwhile, the RBA's Trimmed Mean CPI rose by 5.9% year-on-year, marking the slowest growth rate in a year, but still remaining well above the central bank's target range of 2-3%.
2023-07-26
Australia Inflation Rate Falls from Over 3-Decade High
The annual inflation rate in Australia dropped to 7.0% in Q1 of 2023 from an over-30-year high of 7.8% in the previous period, compared with market forecasts of 6.9%. It was the lowest print since Q2 of 2022, with food prices rising the least in 3 quarters. Furthermore, cost slowed for transport (4.3% vs 8.0%), housing (9.8% vs 10.7%), furnishings (6.7% vs 8.4%), and recreation (8.6% vs 9.0%). Inflation was stable for alcohol & tobacco (at 4.4%), while prices accelerated for health (5.3% vs 3.8%) and insurance & financial services (6.5% vs 5.0%). On a quarterly basis, consumer prices went up 1.4%, the least since Q4 of 2021, mainly fueled by the growing cost of medical services, tertiary education, gas and household fuels, and domestic holiday travel. Meanwhile, the RBA Trimmed Mean CPI added 6.6% yoy, below the consensus of 6.7%, easing from a record 6.9% increase in Q4 but remaining outside the midpoint of the central bank’s 2-3% target. Quarter-on-quarter, the index rose by 1.2%.
2023-04-26