Consumer prices in Australia dropped by 0.3% year-on-year in Q2 2020, compared with market consensus of a 0.4% fall and after a 2.2% rise in Q1. This was the first decline in consumer prices since Q3 1997, as the economy struggled to contain the COVID-19. Transport prices fell for the first time since Q4 2016 (-7.5% vs 2.6% in Q1), while cost of furnishings dropped for first time in four quarters (-9.8% vs 2.2%). Also, cost of communication fell further (-3.6% vs -3.4%), with prices of recreation down for first time since Q2 2017 (-0.3% vs 1.3%), and those of education declining for the first time on record (-1% vs 2.7%). Meanwhile, cost slowed for both housing (0.1% vs 0.6%) and clothing (0.5% vs 2%). Food prices jumped to a near 9-year high of 4.1% (vs 3.2%). Also, cost rose further for both alcohol & tobacco (8.4% vs 7.9%) and insurance & financial services (1.7% vs 1.6%). On a quarterly basis, consumer prices dropped 1.9% in Q2, the largest quarterly fall in history.

Inflation Rate in Australia averaged 4.92 percent from 1951 until 2020, reaching an all time high of 23.90 percent in the fourth quarter of 1951 and a record low of -1.30 percent in the second quarter of 1962. This page provides the latest reported value for - Australia Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Australia Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020. source: Australian Bureau of Statistics

Inflation Rate in Australia is expected to be 0.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Australia to stand at 1.50 in 12 months time. In the long-term, the Australia Inflation Rate is projected to trend around 1.90 percent in 2021 and 2.10 percent in 2022, according to our econometric models.

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Australia Inflation Rate

Actual Previous Highest Lowest Dates Unit Frequency
-0.30 2.20 23.90 -1.30 1951 - 2020 percent Quarterly
2011/2012=100


Calendar GMT Actual Previous Consensus TEForecast
2019-10-30 12:30 AM Q3 1.7% 1.6% 1.7% 1.7%
2020-01-29 12:30 AM Q4 1.8% 1.7% 1.7% 1.7%
2020-04-29 01:30 AM Q1 2.2% 1.8% 2% 1.9%
2020-07-29 01:30 AM Q2 -0.3% 2.2% -0.4% -0.6%
2020-10-30 12:30 AM Q3 -0.3% 0.3%


News Stream
Australia Q2 Consumer Prices Fall for First Time Since 1997
Consumer prices in Australia dropped by 0.3% year-on-year in Q2 2020, compared with market consensus of a 0.4% fall and after a 2.2% rise in Q1. This was the first decline in consumer prices since Q3 1997, as the economy struggled to contain the COVID-19. Transport prices fell for the first time since Q4 2016 (-7.5% vs 2.6% in Q1), while cost of furnishings dropped for first time in four quarters (-9.8% vs 2.2%). Also, cost of communication fell further (-3.6% vs -3.4%), with prices of recreation down for first time since Q2 2017 (-0.3% vs 1.3%), and those of education declining for the first time on record (-1% vs 2.7%). Meanwhile, cost slowed for both housing (0.1% vs 0.6%) and clothing (0.5% vs 2%). Food prices jumped to a near 9-year high of 4.1% (vs 3.2%). Also, cost rose further for both alcohol & tobacco (8.4% vs 7.9%) and insurance & financial services (1.7% vs 1.6%). On a quarterly basis, consumer prices dropped 1.9% in Q2, the largest quarterly fall in history.
2020-07-29
Australia Q1 Inflation Rate Hits 5-1/2-Year High
The annual inflation rate in Australia rose to 2.2% in Q1 2020 from 1.8% in Q4, above market expectations of 2%. It was the highest inflation rate since Q3 2014 and the first time it reached the RBA target band since early 2018, reflecting the impact of drought and bushfires and early effects of COVID-19. Food prices jumped to 5-1/2- year high of 3.2% (vs 2.6% in Q4), of which beef & veal (8.8%), pork (8.5%), eggs (6%) and vegetables (5.1%). Also, prices rose further for housing (0.6% vs 0.2%); furnishings & household equipment (2.2% vs 1.1%); clothing (2% vs 1.4%); alcohol & tobacco (7.9% vs 6.5%); and insurance & financial services (1.6% vs 0.7%). In addition, cost of communication fell less (-3.4% vs -3.8%). Meanwhile, cost slowed for recreation & culture (1.3% vs 1.5%); transport (2.6% vs 2.8%); health (2.9% vs 3.2%); and education (2.7% vs 2.9%). On a quarterly basis, consumer prices increased by 0.3% in Q1, the least in a year, after a 0.7% gain in Q4.
2020-04-29
Australia Inflation Rate Unexpectedly Rises to 1-Year High in Q4
The annual inflation rate in Australia rose to 1.8 percent in the last quarter of 2019 from 1.7 percent in the previous period and above market expectations of 1.7 percent. It was the highest inflation rate in a year, as cost of food & non-alcoholic beverages jumped to an over five-year high (2.6% vs 2.3% in Q3), namely meals out & takeaway foods (+2.1%). Also, prices advanced further for transport (2.8% vs 0.7%), in particular automotive fuels (+2.9%); alcohol & tobacco (6.5% vs 6.6%); health (3.2% vs 3.1%); education (2.9% vs 2.8%); and insurance & financial services (0.7% vs 0.5%). Additionally, cost of communication fell less (-3.8% vs -4.1%). Meanwhile, prices slowed for housing (0.2% vs 0.4%); recreation & culture (1.5% vs 1.7%); furnishings & household equipment (1.1% vs 1.8%); and clothing (1.4% vs 1.5%). On a quarterly basis, consumer prices increased 0.7 percent, after a 0.5 percent gain in Q3, and hitting its highest since Q3 2016.
2020-01-29
Australia Q3 Inflation Rate Matches Estimates
The annual inflation rate in Australia inched higher to 1.7 percent in the September quarter of 2019 from 1.6 percent in the previous period and in line with market expectations. This was the highest inflation rate since the fourth quarter last year, mainly due to a rebound in cost of furnishings, household equipment and services while transport prices slowed markedly. On a quarterly basis, consumer prices increased by 0.5 percent in the third quarter, easing from a 0.6 percent gain the prior period and also matching consensus.
2019-10-30

Australia Inflation Rate
In Australia, the most important categories in the consumer price index are housing (22.3 percent of the total weight), food and non–alcoholic beverages (16.8 percent), recreation and culture (12.6 percent), transport (11.6 percent), furnishings, household equipment and services (9.1 percent), alcohol and tobacco (7.1 percent), health (5.3 percent) and insurance and financial services (5.1 percent). Clothing and footwear, education and communication account for remaining 10.2 percent of total weight.