Australia's Melbourne Institute Monthly Inflation Gauge rose 1.0% month-on-month in July 2026, reversing a 0.4% decline in June and marking its first increase since April, pointing to renewed inflationary pressures. The reading aligns with the Reserve Bank of Australia's June meeting minutes, which indicated that underlying price pressures were expected to intensify in the June quarter. Official data showed headline inflation eased to 3.8% in June from May's 4.0%, mainly due to lower fuel prices. However, underlying inflation remained persistent, with the trimmed mean accelerating to 3.6% from 3.4% as businesses passed through higher costs linked to Middle East tensions. Governor Michele Bullock recently reiterated that underlying inflation remains too high and warned it could rise further as higher oil prices stemming from the Iran conflict feed into broader prices, reinforcing expectations that the RBA will remain cautious on policy easing. source: Melbourne Institute

MI Inflation Gauge MoM in Australia increased to 1 percent in July from -0.40 percent in June 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 August of 2026.

MI Inflation Gauge MoM in Australia increased to 1 percent in July from -0.40 percent in June of 2026. MI Inflation Gauge MoM in Australia is expected to be 0.20 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
2026-07-06 01:00 AM
TD-MI Inflation Gauge MoM
Jun -0.4% -0.3% -0.1%
2026-08-03 01:00 AM
TD-MI Inflation Gauge MoM
Jul 1% -0.4% 0.3%
2026-08-31 01:00 AM
TD-MI Inflation Gauge MoM
Aug 1% 0.4%


Related Last Previous Unit Reference
Commodity Prices YoY 15.40 14.60 percent Jul 2026
CPI 102.03 102.09 points Jun 2026
Core Consumer Prices 107.39 107.09 points Jun 2026
RBA Trimmed Mean CPI YoY 3.60 3.60 percent Jun 2026
CPI Housing Utilities 104.27 103.80 points Jun 2026
CPI Transportation 98.64 101.36 points Jun 2026
Export Prices 160.30 158.60 points Jun 2026
Export Prices 1.10 0.50 percent Jun 2026
Food Inflation 3.30 3.30 percent Jun 2026
GDP Chain Price Index 105.80 105.00 points Mar 2026
GDP Deflator 105.80 105.50 points Mar 2026
Import Prices 143.20 135.50 points Jun 2026
Import Prices 5.70 0.10 percent Jun 2026
Consumer Inflation Expectations 4.70 5.50 percent Jul 2026
Inflation Rate YoY 3.80 4.00 percent Jun 2026
Inflation Rate MoM -0.10 -0.70 percent Jun 2026
Melbourne Quarterly CPI 101.79 100.36 points Mar 2026
TD-MI Inflation Gauge MoM 1.00 -0.40 percent Jul 2026
PPI 1.30 0.40 percent Jun 2026
Producer Prices 140.00 138.20 points Jun 2026
PPI YoY 3.60 3.00 percent Jun 2026
Rent Inflation 3.60 3.60 percent Jun 2026
Services Inflation 4.00 3.70 percent Jun 2026
RBA Trimmed Mean CPI QoQ 0.80 0.80 percent Jun 2026
RBA Weighted Median CPI 0.30 0.90 percent Jun 2026
RBA Weighted Median CPI YoY 3.70 3.50 percent Jun 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
1.00 -0.40 1.30 -1.20 2002 - 2026 percent Monthly
NSA

News Stream
Australia Inflation Gauge Rebounds as Core Price Pressures Linger
Australia's Melbourne Institute Monthly Inflation Gauge rose 1.0% month-on-month in July 2026, reversing a 0.4% decline in June and marking its first increase since April, pointing to renewed inflationary pressures. The reading aligns with the Reserve Bank of Australia's June meeting minutes, which indicated that underlying price pressures were expected to intensify in the June quarter. Official data showed headline inflation eased to 3.8% in June from May's 4.0%, mainly due to lower fuel prices. However, underlying inflation remained persistent, with the trimmed mean accelerating to 3.6% from 3.4% as businesses passed through higher costs linked to Middle East tensions. Governor Michele Bullock recently reiterated that underlying inflation remains too high and warned it could rise further as higher oil prices stemming from the Iran conflict feed into broader prices, reinforcing expectations that the RBA will remain cautious on policy easing.
2026-08-03
Australia Inflation Gauge Extends Decline
Australia’s Melbourne Institute Monthly Inflation Gauge fell 0.4% month-on-month in June 2026, following a 0.3% decline in the previous month and marking its second consecutive monthly decrease. It was also the third monthly drop this year, pointing to easing price pressures across a broad range of goods and services. Recent data showed annual inflation slowed to 4.0% in May from 4.2% in April, as automotive fuel prices rose at a slower pace following the reduction in the fuel excise. Despite the moderation, inflation remained well above the central bank’s 2–3% target range, with underlying price pressures expected to strengthen in the June quarter.
2026-07-06
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