Monthly CPI indicator rose 6.8% in the year to August
The monthly Consumer Price Index (CPI) indicator rose 7.0 per cent in the year to July and 6.8 per cent to August, according to the latest data from the Australian Bureau of Statistics (ABS).
Dr David Gruen AO, Australian Statistician, said: “The information released today provides an early indication of September quarter CPI inflation that will be published on 26 October 2022. The new monthly CPI indicator publication will also be released on 26 October and will include data up to the month of September.”
Dr Gruen said: "The monthly CPI indicator saw annual inflation of 6.8 per cent in August compared to 7.0 per cent in July and 6.8 per cent in June. The largest contributors, in the 12 months to August, were New dwelling construction, up 20.7 per cent and Automotive fuel, up 15.0 per cent. The slight fall in the annual inflation rate from July to August was mainly due to a decrease in prices for Automotive fuel. This saw the annual movement for Automotive fuel fall from 43.3 per cent in June to 15.0 per cent in August."
"Food and non-alcoholic beverages inflation increased to 9.3 per cent in the 12 months to August with prices rising across most food categories, led by Fruit and vegetables increasing from 9.1 per cent in June, to 18.6 per cent in August."
The monthly CPI indicator excluding volatile items of fruit, vegetables and fuel increased from an annual rise of 5.5 per cent in June, to 6.2 per cent in August.
As outlined in the ABS’ information paper Introducing a monthly CPI indicator for Australia, from July 2022 onwards the ABS has incorporated a new Rents data series which is updated on a monthly rather than quarterly basis. It should also be noted that the monthly CPI indicator may be routinely subject to revision, in contrast to the quarterly CPI which is only revised in exceptional circumstances.
Weighted average of eight capital cities – Annual movement (%)
|Jun 2021 to Jun 2022||Jul 2021 to Jul 2022||Aug 2021 to Aug 2022|
|All groups CPI||6.8||7.0||6.8|
|Food and non-alcoholic beverages||6.4||7.8||9.3|
|Meat & seafood||6.5||7.3||7.3|
|Fruit & vegetables||9.1||14.5||18.6|
|Alcohol and tobacco||2.3||2.8||4.1|
|Clothing and footwear||1.8||4.0||4.3|
|New dwelling purchased by owner-occupiers||21.0||22.0||20.7|
|Furnishings, household equipment and services||6.2||7.3||7.5|
|Recreation and culture||4.9||5.9||3.0|
|Holiday travel and accommodation||8.6||14.0||3.5|
|Insurance and financial services||3.3||3.4||3.5|
|All groups CPI excluding volatile items*||5.5||6.1||6.2|
*Volatile items are Fruit and vegetables and Automotive fuel
- The ABS has received requests for more information about the structure of the new monthly CPI indicator publication to be released on 26 October. A mock-up of the publication including tables with the metadata for the new series, has been added to the previously published information paper Introducing a monthly CPI indicator to Australia
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