Monthly Consumer Price Index Indicator

Latest release

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

Reference period
May 2024
  • Next Release 31/07/2024
    Monthly Consumer Price Index Indicator, June 2024
  • Next Release 28/08/2024
    Monthly Consumer Price Index Indicator, July 2024
  • Next Release 25/09/2024
    Monthly Consumer Price Index Indicator, August 2024
  • View all releases

Key statistics

  • The monthly CPI indicator rose 4.0% in the 12 months to May.
  • The most significant price rises were Housing (+5.2%), Food and non-alcoholic beverages (+3.3%), Transport (+4.9%) and Alcohol and tobacco (+6.7%).

Main features

Weighted average of eight capital cities, annual movement
 Mar 23 to Mar 24 % changeApr 23 to Apr 24 % changeMay 23 to May 24 % change
All groups monthly CPI3.53.64.0
Food and non-alcoholic beverages3.53.83.3
 Bread and cereal products7.35.13.4
 Meat and seafood-0.9-0.6-0.6
 Dairy and related products2.92.72.4
 Fruit and vegetables-
 Food products n.e.c.
 Non-alcoholic beverages5.52.83.8
Alcohol and tobacco6.16.56.7
Clothing and footwear0.32.42.8
 New dwelling purchases by owner-occupiers5.14.94.9
 Gas and other household fuels-2.9-3.5-3.9
Furnishings, household equipment and services0.1-0.8-1.1
 Automotive fuel8.17.49.3
Recreation and culture-0.6-1.32.0
 Holiday travel and accommodation-3.9-6.22.9
Insurance and financial services8.28.27.8
CPI analytical series   
 Seasonally adjusted3.83.84.1
 CPI excluding volatile items** and holiday travel4.14.14.0
 Annual Trimmed mean4.04.14.4

** = Volatile items are Fruit and vegetables and Automotive fuel

Monthly overview

The monthly CPI indicator rose 4.0% in the 12 months to May, up from a 3.6% rise in the 12 months to April.

The annual movement for the monthly CPI indicator excluding volatile items and holiday travel was also 4.0% in May, down from 4.1% in April. This series excludes Automotive fuel, Fruit and vegetables and Holiday travel and accommodation.

Annual trimmed mean inflation was 4.4% in May, up from 4.1% in April.

*Volatile items are Fruit and vegetables and Automotive fuel

New dwellings and Rents

The annual rise in New dwelling prices remained steady at 4.9% in May, maintaining a consistent annual price growth of around 5% for the past ten months. This reflects builders continuing to pass on higher costs for labour and materials.

Rental prices increased 7.4% in the 12 months to May, down from 7.5% in April, with strong demand for rental properties amid tight rental markets continuing to drive rental price rises.


Electricity prices rose 6.5% in the 12 months to May, up from a rise of 4.2% to April. 

The increase in the annual movement this month is due to the gradual unwinding of the Energy Bill Relief Fund rebates. This led to a 1.4% rise in Electricity prices in monthly terms in May. 

Energy Bill Relief Fund rebates introduced from July 2023 have moderated the increase in electricity bills for households across Australia.

Excluding the Energy Bill Relief Fund rebates, Electricity prices would have increased 14.5% in the 12 months to May 2024.

The following graph shows the Electricity series including and excluding government electricity rebates.

May 2023, index = 100

  • a) Introduction of the Energy Bill Relief Fund (EBRF) for concession households in NSW, SA, TAS, NT and ACT, and for all households in QLD and WA. Introduction of additional ACT $50 rebate for concession households.
  • b) Introduction of the Energy Bill Relief Fund for concession households in VIC.
  • c) Introduction of the Energy Bill Relief Fund for newly eligible households in NSW, SA, TAS, NT and ACT.
  • d) Introduction of the Energy Bill Relief Fund for newly eligible households in VIC.
  • e) Introduction of the second instalment of the Energy Bill Relief Fund for all households in WA.
  • f) Introduction of the second instalment of Energy Bill Relief Fund for concession household in VIC.
  • g) Introduction of the second instalment of the Energy Bill Relief Fund for concession and newly eligible households in TAS. 

Food and non-alcoholic beverages

Food and non-alcoholic beverage prices rose 3.3% in the 12 months to May, down from a rise of 3.8% to April. In recent months, annual inflation has eased for all food and non-alcoholic beverage categories, with the exception of Fruit and vegetables (+4.4%). This category recorded the largest annual rise since April 2023 due to higher prices for grapes, strawberries, blueberries, tomatoes, and capsicums. 

Meat and seafood products recorded a partially offsetting fall (-0.6%) due to price falls for Lamb and goat (-11.4%) and Beef and veal (-3.3%) over the past 12 months. 

Automotive fuel

Automotive fuel prices rose 9.3% in the 12 months to May 2024, up from 7.4% to April. The rise was driven by higher wholesale fuel prices in early 2024.

In monthly terms, Automotive fuel prices fell 5.1% in May following three consecutive monthly rises.


Insurance prices rose 14.0% in the 12 months to May, down from a rise of 16.5% to April which was the highest annual rise since the beginning of the monthly CPI indicator. Higher reinsurance, natural disaster and claim costs continue to contribute to higher premiums for motor vehicle, house and home contents insurance over the last 12 months.

Holiday travel and accommodation

Holiday travel and accommodation prices rose 2.9% in the 12 months to May, following a fall of 6.2% to April. International holiday travel and accommodation was the main contributor to the annual rise this month. This is the first time the annual movement has been positive for Holiday travel and accommodation since October 2023.

In monthly terms, Holiday travel and accommodation prices fell 2.7% in May. The main contributor to the fall was Domestic holiday travel and accommodation (-6.6%) reflecting a typical fall for this month due to decreased demand following the end of the school holiday period. 

Data downloads

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Data explorer for the monthly CPI indicator.

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Detailed monthly data

Monthly Expenditure class data

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.



The monthly CPI indicator is a general measure of price change for goods and services purchased by Australian households.


Monthly data is published at the national level, derived as a weighted average of the eight capital cities.


Prices are collected for a range of goods and services (the CPI basket) from a variety of retailers across the eight capital cities.

Collection method

Prices are collected in a range of frequencies including monthly, quarterly, and annually using: 

  • web-scraping
  • online and telephone collections from retailers
  • administrative data, including supermarket scanner data.

Concepts, sources and methods

Information about the data sources and methods used to compile the CPI is contained in the Consumer Price Index: Concepts, Sources and Methods.

History of changes

  • Annual update of CPI weights January 2024. 
  • Partial update of CPI weights July 2023.
  • Monthly Gas series included June 2023.
  • Annual trimmed mean included April 2023.
  • Monthly Electricity included February 2023.
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