The monthly Consumer Price Index (CPI) indicator was developed to provide inflation data at a higher frequency for use by governments, economists and the wider community. The quarterly CPI remains the principal measure of household inflation.
The monthly CPI indicator is derived using available data from the quarterly CPI. The data and methods used in the monthly CPI indicator are consistent with what is used in the quarterly CPI Consumer Price Index, Australia.
Details on the development of the monthly CPI indicator can be found in the following information paper: Introducing a monthly CPI indicator for Australia
A list of frequently asked questions is available here: Monthly CPI indicator FAQs
Brief description of the CPI
The CPI is a general measure of prices for goods and services purchased by Australian households. Changes in the CPI provide a measure of household inflation.
The CPI measures the change in the cost of a 'basket' of goods and services which account for a high proportion of expenditure by the CPI population group (that is, metropolitan households). This basket covers a wide range of goods and services, arranged in the following eleven groups:
- Food and non-alcoholic beverages
- Alcohol and tobacco
- Clothing and footwear
- Furnishings, household equipment and services
- Recreation and culture
- Insurance and financial services