Australia’s Monthly Inflation Gauge, compiled by the Melbourne Institute, fell 0.2% month-on-month in February 2026, reversing a 0.2% rise in the previous month and marking the first decline since last August. The pullback likely reflected softer prices for fuel and some discretionary goods after earlier seasonal increases, alongside easing supply-chain pressures. The latest result highlighted progress made in easing inflation over the past year despite signs of renewed cost pressures in H2 of 2025 amid elevated service expenses and a tight labor market. In January, the annual inflation held at 3.8%, unchanged from the prior month but remained outside the central bank’s 2–3% target, suggesting underlying price pressures remain sticky even as headline momentum cools. source: Melbourne Institute

MI Inflation Gauge MoM in Australia decreased to -0.20 percent in February from 0.20 percent in January of 2026. MI Inflation Gauge MoM in Australia averaged 0.23 percent from 2002 until 2026, reaching an all time high of 1.20 percent in July of 2022 and a record low of -1.20 percent in May of 2020. This page includes a chart with historical data for Australia MI Inflation Gauge MoM. Australia Melbourne Institute Inflation Gauge MoM - data, historical chart, forecasts and calendar of releases - was last updated on March of 2026.

MI Inflation Gauge MoM in Australia decreased to -0.20 percent in February from 0.20 percent in January of 2026. MI Inflation Gauge MoM in Australia is expected to be 0.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Australia Melbourne Institute Inflation Gauge MoM is projected to trend around 0.30 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-02-02 01:30 AM
TD-MI Inflation Gauge MoM
Jan 0.2% 1%
2026-03-02 12:00 AM
TD-MI Inflation Gauge MoM
Feb -0.2% 0.2% 0.2%
2026-04-07 01:00 AM
TD-MI Inflation Gauge MoM
Mar -0.2% 0.1%


Related Last Previous Unit Reference
Commodity Prices YoY 3.40 2.70 percent Feb 2026
CPI 101.33 100.97 points Jan 2026
Core Consumer Prices 105.87 105.54 points Jan 2026
RBA Trimmed Mean CPI YoY 3.40 3.30 percent Jan 2026
CPI Housing Utilities 102.60 100.42 points Jan 2026
CPI Transportation 99.93 100.62 points Jan 2026
Export Prices 157.80 152.90 points Dec 2025
Export Prices 3.20 -0.90 percent Dec 2025
Food Inflation 3.10 3.40 percent Jan 2026
GDP Chain Price Index 105.00 103.50 points Dec 2025
GDP Deflator 105.40 104.40 points Dec 2025
Import Prices 135.40 134.20 points Dec 2025
Import Prices 0.90 -0.40 percent Dec 2025
Consumer Inflation Expectations 5.20 5.00 percent Mar 2026
Inflation Rate YoY 3.80 3.80 percent Jan 2026
Inflation Rate MoM 0.40 1.00 percent Jan 2026
TD-MI Inflation Gauge MoM -0.20 0.20 percent Feb 2026
PPI 0.80 1.00 percent Dec 2025
Producer Prices 137.70 136.60 points Dec 2025
PPI YoY 3.50 3.50 percent Dec 2025
Rent Inflation 3.90 3.90 percent Jan 2026
Services Inflation 3.90 4.10 percent Jan 2026
RBA Trimmed Mean CPI QoQ 0.90 1.00 percent Dec 2025
RBA Weighted Median CPI 0.30 0.30 percent Jan 2026
RBA Weighted Median CPI YoY 3.60 3.60 percent Jan 2026


Australia Melbourne Institute Inflation Gauge MoM
In Australia, the Melbourne Institute Monthly Inflation Gauge estimates month-to-month price movements for a wide range of goods and services across the capital cities of Australia. It aims to provide financial markets and policy-makers with regular updates on trends in inflation. The report is based on the Australian Bureau of Statistics’ methodology for calculating the quarterly consumer price index.
Actual Previous Highest Lowest Dates Unit Frequency
-0.20 0.20 1.20 -1.20 2002 - 2026 percent Monthly
NSA

News Stream
Australia Inflation Gauge Drops for First Time in 6 Months
Australia’s Monthly Inflation Gauge, compiled by the Melbourne Institute, fell 0.2% month-on-month in February 2026, reversing a 0.2% rise in the previous month and marking the first decline since last August. The pullback likely reflected softer prices for fuel and some discretionary goods after earlier seasonal increases, alongside easing supply-chain pressures. The latest result highlighted progress made in easing inflation over the past year despite signs of renewed cost pressures in H2 of 2025 amid elevated service expenses and a tight labor market. In January, the annual inflation held at 3.8%, unchanged from the prior month but remained outside the central bank’s 2–3% target, suggesting underlying price pressures remain sticky even as headline momentum cools.
2026-03-02
Australia Inflation Gauge Cools Ahead of RBA Decision
Australia’s Monthly Inflation Gauge, compiled by the Melbourne Institute, rose 0.2% month-on-month in January 2026, easing sharply from December’s two-year high of 1% and marking the slowest pace since last August. The latest result comes ahead of the Reserve Bank’s first policy meeting of 2026, following its decision to hold the cash rate at 3.6% for a third consecutive meeting in December. The moderation highlights how earlier monetary tightening is filtering through the economy, tempering demand-side pressures. Even so, policymakers are expected to remain cautious, with underlying inflation still above target and the labor market relatively tight. The central bank is likely to maintain a restrictive stance and stress data dependence in the months ahead.
2026-02-02
Australia’s Inflation Gauge Hits 2-Year High
Australia’s Monthly Inflation Gauge, compiled by the Melbourne Institute, surged 1.0% mom in December 2025, marking the fastest pace since December 2023 and a sharp pickup from 0.3% in the prior two months. The latest result came as the Reserve Bank held the cash rate steady at 3.6% for a third consecutive meeting in the month. Policymakers noted inflation has cooled markedly from its 2022 peak but flagged renewed momentum in recent data. Headline CPI eased to 3.4% yoy in November, the lowest since August, yet still above the central bank’s 2–3% target. Trimmed mean CPI also edged down to 3.2% from October’s eight-month high of 3.3%. The board assessed that inflation risks have modestly tilted upward, while downside pressures, particularly from global conditions, have eased. Board members anticipate just one more rate cut this year, with underlying inflation expected to exceed 3% in the near term before easing to around 2.6% by 2027.
2026-01-19