Australia’s Melbourne Institute Monthly Inflation Gauge fell 0.3% month-on-month in May 2026, reversing a 0.6% increase in the previous month and marking the first decline since February. The decline reflected easing price pressures across a range of goods and services, after recent data showed the annual inflation rate slowed to 4.2% in April from 4.6% previously, as automotive fuel prices rose at a softer pace following the reduction of the fuel excise. However, inflation remained well above the central bank’s 2–3% target range, suggesting underlying price pressures are still elevated despite the recent moderation. source: Melbourne Institute

MI Inflation Gauge MoM in Australia decreased to -0.30 percent in May from 0.60 percent in April of 2026. MI Inflation Gauge MoM in Australia averaged 0.23 percent from 2002 until 2026, reaching an all time high of 1.30 percent in March of 2026 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 June of 2026.

MI Inflation Gauge MoM in Australia decreased to -0.30 percent in May from 0.60 percent in April of 2026. MI Inflation Gauge MoM in Australia is expected to be 0.40 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
2026-05-04 01:00 AM
TD-MI Inflation Gauge MoM
Apr 0.6% 1.3% 1.1%
2026-06-01 01:30 AM
TD-MI Inflation Gauge MoM
May -0.3% 0.6% 0.6%
2026-07-06 01:00 AM
TD-MI Inflation Gauge MoM
Jun -0.3% 0.4%


Related Last Previous Unit Reference
Commodity Prices YoY 16.80 15.10 percent May 2026
CPI 102.80 102.44 points Apr 2026
Core Consumer Prices 106.66 106.33 points Apr 2026
RBA Trimmed Mean CPI YoY 3.40 3.30 percent Apr 2026
CPI Housing Utilities 103.33 103.13 points Apr 2026
CPI Transportation 105.42 108.37 points Apr 2026
Export Prices 158.60 157.80 points Mar 2026
Export Prices 0.50 3.20 percent Mar 2026
Food Inflation 2.80 3.10 percent Apr 2026
GDP Chain Price Index 105.80 105.00 points Mar 2026
GDP Deflator 105.80 105.50 points Mar 2026
Import Prices 135.50 135.40 points Mar 2026
Import Prices 0.10 0.90 percent Mar 2026
Consumer Inflation Expectations 5.50 5.60 percent Jun 2026
Inflation Rate YoY 4.20 4.60 percent Apr 2026
Inflation Rate MoM 0.40 1.10 percent Apr 2026
TD-MI Inflation Gauge MoM -0.30 0.60 percent May 2026
PPI 0.40 0.80 percent Mar 2026
Producer Prices 138.20 137.70 points Mar 2026
PPI YoY 3.00 3.50 percent Mar 2026
Rent Inflation 3.50 3.70 percent Apr 2026
Services Inflation 3.50 3.60 percent Apr 2026
RBA Trimmed Mean CPI QoQ 0.80 0.90 percent Mar 2026
RBA Weighted Median CPI 0.20 0.20 percent Apr 2026
RBA Weighted Median CPI YoY 3.50 3.50 percent Apr 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
-0.30 0.60 1.30 -1.20 2002 - 2026 percent Monthly
NSA

News Stream
Australia Inflation Gauge Eases for First Time in 3 Months
Australia’s Melbourne Institute Monthly Inflation Gauge fell 0.3% month-on-month in May 2026, reversing a 0.6% increase in the previous month and marking the first decline since February. The decline reflected easing price pressures across a range of goods and services, after recent data showed the annual inflation rate slowed to 4.2% in April from 4.6% previously, as automotive fuel prices rose at a softer pace following the reduction of the fuel excise. However, inflation remained well above the central bank’s 2–3% target range, suggesting underlying price pressures are still elevated despite the recent moderation.
2026-06-01
Australia Inflation Gauge Cools from Record Peak
Australia’s Melbourne Institute Monthly Inflation Gauge rose 0.6% month-on-month in April 2026, easing from a record 1.3% surge in the previous month but marking a second straight monthly increase. The latest reading suggested inflation has moderated compared to last year, though underlying pressures remain, partly reflecting renewed cost strains since the second half of 2025. The Reserve Bank of Australia has already raised interest rates by 25 basis points in both February and March, bringing the cash rate to 4.1%. It is widely expected to tighten policy further in May. Meanwhile, annual inflation accelerated to 4.6% in March 2026 from 3.7% previously, the highest since September 2023 and still well above the central bank’s 2–3% target band.
2026-05-04
Australia Inflation Gauge Jumps to Record High
Australia’s Monthly Inflation Measure, compiled by the Melbourne Institute, climbed 1.3% month-on-month in March 2026, reversing a 0.2% drop in the previous month and marking the strongest increase on record. The sharp rebound pointed to renewed price pressures since the second half of 2025, driven in part by higher fuel and transport costs and lingering supply-side frictions. Heightened uncertainty over the Middle East conflict has also lifted global energy prices, adding to the risk of imported inflation for Australia. The annual inflation stood at 3.7% in February, little changed from the prior 3.8%, remaining above the Reserve Bank of Australia’s 2–3% target band, suggesting price pressures are still proving sticky despite earlier signs of moderation.
2026-04-07