Australia Inflation Rate

Last Release

Sep 30, 2024

Actual

2.8

Units In

3.8

Frequency

Quarterly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
23.9 Dec 1951	-1.3 Jun 1962	4.88 %	1951-2024	Australian Bureau of Statistics

In Australia, the most important categories in the consumer price index are housing (22.3 percent of the total weight), food and non–alcoholic beverages (16.8 percent), recreation and culture (12.6 percent), transport (11.6 percent), furnishings, household equipment and services (9.1 percent), alcohol and tobacco (7.1 percent), health (5.3 percent) and insurance and financial services (5.1 percent). Clothing and footwear, education and communication account for remaining 10.2 percent of total weight.

Latest Updates

Australia's annual inflation rate dropped to 2.8% in Q3 2024 from 3.8% in Q2, steeper than market expectations of 2.9%. It was the lowest reading since Q1 2021, with goods inflation sharply slowing (1.4% vs 3.2% in Q2), mainly due to declines in electricity and fuel prices amid the continued impact of Energy Bill Relief Fund rebates. Meanwhile, services inflation stayed elevated (4.6% vs 4.5%). Notably, prices eased for alcohol and tobacco (6.7% vs 6.8% in Q2), clothing (1.7% vs 2.9%), housing (2.8% vs 5.2%), health (4.8% vs 5.7%), and financial services (6.2% vs 6.4%). In addition, transport costs fell for the first time since Q4 2020 (-0.9% vs 4.6%). In contrast, inflation was steady for food (at 3.3%), while costs accelerated for recreation (2.1% vs 0.9%), education (6.4% vs 5.6%), and household services (0.7% vs -1.1%). The RBA's Trimmed Mean CPI rose 3.5% yot, the softest gain in nearly three years, aligning with consensus but still exceeding the central bank's 2-3% target.