Monthly Consumer Price Index Indicator

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The monthly CPI indicator is a measure of inflation and includes statistics about prices for categories of households expenditure

Reference period
May 2023

Key statistics

  • The monthly CPI indicator rose 5.6% in the twelve months to May.

  • The most significant price rises were Housing (+8.4%), Food and non-alcoholic beverages (+7.9%) and Furnishings, household equipment and services group (+6.0%).

  • Offsetting the rise was Automotive fuel (-8.0%).

Main features

Weighted average of eight capital cities, annual movement
 Mar 22 to Mar 23 % changeApr 22 to Apr 23 % changeMay 22 to May 23 % change
All groups monthly CPI6.36.85.6
Food and non-alcoholic beverages8.17.97.9
     Bread and cereal products10.811.412.8
     Meat & seafood4.34.43.8
     Dairy and related products15.114.515.1
     Fruit & vegetables5.93.52.7
     Food products n.e.c.11.811.711.5
     Non-alcoholic beverages7.29.79.2
     Meals out and takeaway foods*
Alcohol and tobacco4.94.84.7
Clothing and footwear3.22.0-0.4
     New dwelling purchases by owner-occupiers11.19.28.3
Furnishings, household equipment and services7.26.36.0
     Automotive fuel-8.29.5-8.0
Recreation and culture6.16.43.5
     Holiday travel and accommodation13.911.97.3
Insurance and financial services6.66.77.8
CPI analytical series   
       Seasonally adjusted6.66.95.8
       CPI excluding volatile items** and holiday travel6.96.56.4
       Annual Trimmed mean6.56.76.1
  • * Measured quarterly
  • **Volatile items are Fruit and vegetables and Automotive fuel

Monthly Overview

The monthly CPI indicator rose 5.6% annually in May, down from 6.8% in April.

The annual movement for the monthly CPI excluding volatile items and travel rose 6.4% in May, slightly lower than the rise of 6.5% in April. This series excludes Fruit and vegetables, Automotive fuel, and Holiday travel and accommodation.

Annual trimmed mean inflation was 6.1% in May, down from 6.7% in April.

*Volatile items are Fruit and vegetables and Automotive fuel

New dwellings

New dwelling prices rose 8.3% in the twelve months to May, reflecting high labour and material costs.

The rate of price growth has continued to ease compared to the record high increase of 21.7% in the twelve months to July 2022. This reflects a softening in new demand and improvements in the supply of materials.


Rent prices increased 6.3% in the twelve months to May 2023, up from 6.1% in April, reflecting strong demand for rental properties and tight rental markets.

Food and non-alcoholic beverages

Annual prices for Food and non-alcoholic beverages rose 7.9%, with price rises seen across all food categories.

The main contributor was Meals out and takeaway food, which rose 7.7%. The increase was due to higher input costs including ingredients, energy, rents and wages. Food products n.e.c. rose 11.5% due to price rises for snacks and confectionary products and edible oils. Dairy and related products rose 15.1% due to higher input costs such as farmgate milk prices.

* Measured quarterly

Automotive fuel

Automotive fuel prices fell 8.0% in the twelve months to May, following a rise of 9.5% in April.

In monthly terms, Automotive fuel prices fell 6.7% in May due to increased oil production and a higher Australian dollar lowering the cost for imported oil.

Holiday travel and accommodation

Holiday travel and accommodation rose 7.3% in the twelve months to May, down from 11.9% in April. While demand and prices remain elevated for both Domestic and International holiday travel and accommodation, prices have eased since peaking in December 2022.

In monthly terms, Holiday travel and accommodation prices fell 11.3%, driven by domestic holiday travel and accommodation. Prices fell in May following strong demand in April due to Easter and the school holiday period.


Insurance prices rose 14.2% in the twelve months to May, up from 8.7% in April. This is the strongest annual rise on record reflecting higher premiums for house, home contents, and motor vehicle insurance.

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Detailed monthly data

Monthly Expenditure class data


Annual weight update

About the monthly CPI indicator

What is the monthly CPI Indicator?

Introducing monthly indicators of underlying inflation


Measuring Rents in the CPI 

Using price indexes

Price indexes published by the Australian Bureau of Statistics (ABS) provide summary measures of the movements in various categories of prices over time. They are published primarily for use in Government economic analysis. 

Consistent with existing policy, the ABS does not comment on the use (or otherwise) of the price indexes we publish. However, it should 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.

Use of Price Indexes in Contracts sets out a range of issues that should be taken into account by parties considering including an Indexation Clause in a contract using an ABS published price index.

Frequently asked questions

Frequently Asked Questions (FAQs) specific to the monthly CPI indicator can be found in the Information paper: Introducing a monthly CPI indicator for Australia FAQs 

In addition, the Frequently Asked Questions page has answers to a number of common questions to do with price indexes and the quarterly Consumer Price Index in particular.

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