The Gas series in the monthly CPI indicator has been updated with monthly prices from October 2021 onwards. No changes have been made to the Gas series prior to October 2021. Gas prices for periods prior to October 2021 are updated quarterly in month 3 with carry forward imputation used in the months where prices were not updated.
The inclusion of this new monthly Gas series has resulted in revisions to the monthly CPI indicator dating back to October 2021. The revisions are consistent with advice provided by the ABS, noting 'that the monthly CPI indicator may be routinely subject to revision, in contrast to the quarterly CPI which is only revised in exceptional circumstances’.
The new monthly Gas series will be used to compile the Gas series in the quarterly CPI from the June quarter 2023 onwards. There will be no revisions to the quarterly CPI.
Partial update of CPI weights
The weights for the monthly CPI indicator are typically updated each year in October. This is to ensure the weights used in the CPI basket reflect contemporary household spending patterns. With the continued increase in Australians holidaying overseas, a partial update to the CPI weights will be implemented in July 2023. The partial update will see the weight for International holiday travel increase, with the weight for the other components in the basket adjusted to offset the increase in travel weights. The updated weights will be published as part of the July Monthly CPI indicator release on 30 August 2023. A comprehensive update to the weights for monthly CPI indicator will be implemented in January 2024. The weights will continue to be updated in January in future years.