The Melbourne Institute's Monthly Inflation Gauge showed prices accelerated to a four-month high of 0.9% in May 2023, following a 0.2% rise in April and marking the ninth consecutive period of increase. The latest result came ahead of the Reserve Bank's monetary policy meeting for June. The central bank is expected to keep its key interest rate unchanged at 3.85% after raising it last month, which followed a pause in April. There has been little evidence inflation in Australia will fall to the RBA's target range of between 2% and 3% anytime soon, with RBA Governor Philip Lowe saying in a recent appearance before lawmakers "we've got work to do there." The annual inflation rate in the country stood at 7.0% in Q1 of 2023, staying near an over 3-decade high. Meanwhile, monthly data indicated consumer prices grew by 6.8% yoy in April 2023, quickening from March's 10-month low of 6.3%. source: Melbourne Institute
MI Inflation Gauge MoM in Australia averaged 0.22 percent from 2002 until 2023, reaching an all time high of 1.20 percent in July of 2022 and a record low of -1.20 percent in May of 2020. This page includes a chart with historical data for Australia MI Inflation Gauge MoM. Australia Melbourne Institute Inflation Gauge MoM - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.
MI Inflation Gauge MoM in Australia is expected to be 0.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Australia Melbourne Institute Inflation Gauge MoM is projected to trend around 0.30 percent in 2024 and 0.20 percent in 2025, according to our econometric models.