The annual inflation rate in Australia surged to 5.1% in Q1 of 2022 from 3.5% in Q4, surpassing market estimates of 4.6% and marking the highest reading since the introduction of the Goods and Services Tax in the early 2000s, reflecting soaring fuel prices and surging building cost. Transport prices rose the most since the 1990 Iraqi invasion of Kuwait (13.7% vs 12.5% in Q4), while additional upward pressures came from cost of food and non-alcoholic beverages (4.3% vs 1.9%), alcohol & tobacco (1.8% vs 1.1%), housing (6.7% vs 4%), furnishings (4.9% vs 3.6%), recreation (3% vs 2.1%), health (3.5% vs 3.3%), and insurance & financial services (2.7% vs 2.2%). On a quarterly basis, consumer prices went up 2.1%, the most since Q3 2000, after a 1.3% gain in Q4, mainly due to a jump in cost of new dwellings and fuel. The RBA Trimmed Mean CPI rose by 3.7% yoy, the fastest pace in 12 years, exceeding the midpoint of the central bank’s 2-3% target. Quarter-on-quarter, the index increased 1.4%. source: Australian Bureau of Statistics
Inflation Rate in Australia averaged 4.86 percent from 1951 until 2022, 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 June of 2022.
Inflation Rate in Australia is expected to be 5.20 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 3.50 percent in 2023 and 2.50 percent in 2024, according to our econometric models.