The Melbourne Institute’s Monthly Inflation Gauge showed prices eased to a four-month low of 0.2% in December 2022, slowing sharply from a 1.0% rise in the previous month while marking the fourth straight month of increase. The latest result came despite signs that Australia's inflation figures remained high, both in terms of quarterly and monthly readings. The annual inflation rate in Australia climbed to an over three-decade high of 7.3% in Q3 of 2022 from 6.1% in Q2, amid higher prices for new dwelling construction, automotive fuel, and food. Meantime, monthly data indicated that consumer prices in Australia returned to a record high of 7.3% yoy in November, far above the Reserve Bank of Australia's target range of 2-3%. The central bank since May 2022 has raised borrowing costs by 300bps to 3.1%, a level not seen since November 2012 while flagging more rate hikes going forward. source: Melbourne Institute
MI Inflation Gauge MoM in Australia averaged 0.22 percent from 2002 until 2022, 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 February of 2023.