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
December 2022
Released
25/01/2023

Key statistics

  • The monthly CPI indicator rose 8.4% in the twelve months to December.
  • The most significant price rises were Housing (+10.1 per cent), Food and non-alcoholic beverages (+9.5 per cent) and Recreation and culture (+14.4 per cent).

What's new this month

The release of the monthly CPI indicator includes a Trimmed mean series which was intended to provide additional analytical insights into inflation on a monthly basis. The ABS has identified that the Trimmed mean series is not, however, providing a reliable indicator for the principal measure of trimmed mean inflation published in the quarterly CPI publication. The ABS will suspend the publication of the monthly Trimmed mean series while we investigate. Trimmed mean inflation will continue to be published as part of the release of the quarterly CPI

Main features

Weighted average of eight capital cities - annual
 

Oct 21 to Oct 22

% change

Nov 21 to Nov 22

% change

Dec 21 to Dec 22

% change

All groups CPI6.97.38.4
Food and non-alcoholic beverages8.99.49.5
     Bread and cereal products12.012.012.9
     Meat & seafood7.98.18.4
     Dairy and related products14.415.314.4
     Fruit & vegetables9.49.59.8
     Food products n.e.c.10.910.911.9
     Non-alcoholic beverages11.211.09.5
Alcohol and tobacco4.34.34.2
     Alcohol3.64.24.4
     Tobacco5.44.64.0
Clothing and footwear5.74.16.3
Housing10.59.610.1
     Rents3.53.64.1
     New dwelling purchases by owner-occupiers20.417.916.0
Furnishings, household equipment and services7.88.48.5
Health2.63.64.2
Transport7.49.07.3
     Automotive fuel11.816.610.8
Communications1.90.71.5
Recreation and culture2.35.814.4
     Holiday travel and accommodation3.712.829.3
Education4.54.64.6
Insurance and financial services4.24.85.0
CPI analytical series   
       Seasonally adjusted6.77.58.1
       All groups CPI excluding volatile items*6.46.78.1

 

*Volatile items are Fruit and vegetables and Automotive fuel

Monthly Overview

The monthly CPI indicator annual movement increased to 8.4% in December, up from 7.3% in November. This is the highest annual movement since the start of the monthly indicator series, reflecting ongoing inflationary pressure.

The annual movement for CPI excluding volatile items rose to 8.1%. This excludes Fruit and vegetables and Automotive fuel.

Annual inflation remains elevated in all CPI groups reflecting the broad-based nature of price increases over the year. 

New dwelling prices drive the increase in housing

New dwelling prices rose 16.0% in the year to December as builders passed through higher costs for labour and materials. Fewer grant payments from the Federal Government's HomeBuilder program and similar state-based housing construction grants also contributed to the rise in new dwelling prices.

The rate of price growth has continued to ease in December compared to the 17.9% annual rise in November. This reflects subdued new demand and improvements in the supply of materials.

Gas and electricity price rises also contributed to the Housing group annual increase.

Rent prices continue to rise

Rent prices increased further this month from an annual rise of 3.6% in November to 4.1% in December, reflecting low vacancy rates and a tight rental market.

Food and non-alcoholic beverage prices continue to rise

Over the twelve months to December, Food and non-alcoholic beverages rose 9.5%, with strong price rises seen across all categories. These increases reflect high input costs, adverse weather conditions, as well as strong Christmas demand.

Holiday travel and accommodation records its largest increase

Holiday travel and accommodation rose 29.3% in the year to December, up from 12.8% in November. Increased demand during the Christmas holiday period contributed to prices rises for both Domestic holiday travel and accommodation and International holiday travel and accommodation.

December saw the largest annual and monthly increase for Holiday travel and accommodation since the series began in 2018.

Automotive fuel prices continue to improve

Automotive fuel prices increased 10.8% in the twelve months to December, down from 16.6% in November.

December average unleaded petrol prices remained approximately 15 cents below the November average before peaking towards the end of the month.

Data downloads

TABLE 1. Monthly CPI Indicator: All groups, Groups and select Expenditure classes

Analytical series Australia, Index Numbers and Percentage Change from Corresponding Month of Previous Year, Weighted Average of Eight Capital Cities

TABLE 2. Monthly CPI Indicator: Select Groups, select Expenditure classes and Analytical series

Analytical series, Australia, Percentage Change from previous period, Weighted Average of Eight Capital Cities

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Data explorer for the monthly CPI indicator.

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Appendix

Annual weight update

About the monthly CPI indicator

What is the monthly CPI Indicator?

What's price updated - monthly breakdown

Articles

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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