The extended and expanded Commonwealth Energy Bill Relief Fund rebates, and the introduction of State government rebates, applied from July 2024 for some States. August saw the Commonwealth rebates applied to all States and Territories. These rebates have the effect of reducing electricity costs for households. More details on the impact and timing of these rebates are provided below.
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
August 2024
Released
25/09/2024
Key statistics
- The monthly CPI indicator rose 2.7% in the 12 months to August.
- The most significant price rises at the Group level were Housing (+2.6 %), Food and non-alcoholic beverages (+3.4 %), and Alcohol and tobacco (+6.6 %). Partly offsetting the annual increase was Transport (-1.1 %).
What’s new this month
Main features
| Jun 23 to Jun 24 % change | Jul 23 to Jul 24 % change | Aug 23 to Aug 24 % change | ||
|---|---|---|---|---|
| All groups monthly CPI | 3.8 | 3.5 | 2.7 | |
| Food and non-alcoholic beverages | 3.3 | 3.8 | 3.4 | |
| Bread and cereal products | 3.4 | 4.4 | 2.5 | |
| Meat and seafood | -0.2 | 0.2 | 0.2 | |
| Dairy and related products | 1.6 | -0.2 | -0.2 | |
| Fruit and vegetables | 3.6 | 7.5 | 9.6 | |
| Food products n.e.c. | 3.7 | 4.3 | 4.2 | |
| Non-alcoholic beverages | 6.1 | 4.9 | 5.1 | |
| Alcohol and tobacco | 6.9 | 7.2 | 6.6 | |
| Alcohol | 3.4 | 3.7 | 3.0 | |
| Tobacco | 13.8 | 13.9 | 13.4 | |
| Clothing and footwear | 3.6 | 1.9 | 1.7 | |
| Garments | 4.4 | 3.1 | 2.7 | |
| Housing | 5.5 | 4.0 | 2.6 | |
| Rents | 7.1 | 6.9 | 6.8 | |
| New dwelling purchases by owner-occupiers | 5.4 | 5.0 | 5.1 | |
| Electricity | 7.5 | -5.1 | -17.9 | |
| Gas and other household fuels | -0.6 | 2.7 | 3.2 | |
| Furnishings, household equipment and services | -1.1 | -0.9 | -0.9 | |
| Health | 5.3 | 5.3 | 5.3 | |
| Transport | 4.2 | 3.4 | -1.1 | |
| Automotive fuel | 6.6 | 4.0 | -7.6 | |
| Communications | 1.0 | 1.9 | -0.2 | |
| Recreation and culture | 0.6 | 1.1 | 2.5 | |
| Holiday travel and accommodation | -0.7 | 0.2 | 2.8 | |
| Education | 5.6 | 5.6 | 5.4 | |
| Insurance and financial services | 6.4 | 6.4 | 6.2 | |
| CPI analytical series | ||||
| Seasonally adjusted | 3.8 | 3.6 | 2.7 | |
| CPI excluding volatile items* and holiday travel | 4.0 | 3.7 | 3.0 | |
| Annual Trimmed mean | 4.1 | 3.8 | 3.4 | |
* = Volatile items are Fruit and vegetables and Automotive fuel
Monthly overview
The monthly CPI indicator rose 2.7% in the 12 months to August, down from a 3.5% rise in the 12 months to July.
The annual movement for the monthly CPI indicator excluding volatile items and holiday travel was 3.0% in August, down from a 3.7% rise in July. This series excludes Automotive fuel, Fruit and vegetables and Holiday travel and accommodation.
The Trimmed mean is an alternative measure of underlying inflation that reduces the impact of irregular or temporary price changes. Annual Trimmed mean inflation which excluded both the falls in Automotive fuel and Electricity, alongside other large price rises and falls, was 3.4% in August, down from 3.8% in July.
*Volatile items are Fruit and vegetables and Automotive fuel
New dwellings and Rents
New dwelling prices, which capture new builds and major renovations, rose 5.1% in the 12 months to August and have remained around 5% since August 2023, with builders passing on higher costs for labour and materials.
Rental prices increased 6.8% in the 12 months to August, down from the 6.9% increase in July. Rental price growth remains high due to a continued tight rental market reflected by low vacancy rates in most capital cities.
Electricity
Electricity prices fell 17.9% in the 12 months to August, down from a 5.1% annual fall in July. This is the largest annual fall for Electricity on record.
The combined impact of Commonwealth Energy Bill Relief Fund (EBRF) rebates in all States and Territories in addition to State rebates in Queensland, Western Australia and Tasmania drove the annual fall in electricity prices.
Households in Queensland and Western Australia received the first instalment of Commonwealth EBRF rebate in July 2024. Households in the remaining States and Territories received their first instalment in August 2024. In addition to the Commonwealth rebates, households in Queensland, Western Australia and Tasmania continued to receive their respective State government rebates.
Commonwealth $300 rebate | WA $400 State rebate | QLD $1,000 State rebate | TAS $250 State rebate (Renewable Energy Dividend) | |
|---|---|---|---|---|
| Rebate method | Applied directly to electricity bills as four equal $75 quarterly instalments in the 2024-25 FY (a) | Applied directly to electricity bills as two equal $200 instalments from July and December 2024 | Applied directly to electricity bills as a one-off $1,000 rebate. Where the rebate amount exceeds the average bill size, the residual amount is treated as a credit and applied to the next quarterly bill. | Applied directly to electricity bills as a one-off $250 rebate |
| Timing | From July 2024 for WA (b) and QLD. For all remaining States and Territories, from August 2024. (c) and (d) | From July 2024 (b) | From July 2024 | From July 2024 |
- This applies to all States and Territories, except WA, where rebates will be applied directly to electricity bills as two equal $150 instalments from July 2024 and December 2024.
- In Western Australia, the first instalment of both Energy Bill Relief Fund 2024-25 and $400 Electricity Credit will be paid from 20 July 2024. The remaining proportion of households whose billing cycle is in July 2024 will receive their first instalment in October 2024.
- For States and Territories receiving rebates from August, the households whose billing cycle is in July 2024 will receive two instalments in October 2024.
- In New South Wales and Victoria, the first instalment of Energy Bill Relief Fund 2024-25 will be paid from part way through August 2024. The remaining proportion of households whose billing cycle is in August will receive their first instalment in November 2024.
The following graph shows the Electricity series including and excluding government electricity rebates. The EBRF rebates were first introduced in July 2023 and were extended and expanded to all households in July 2024. These rebates have had the effect of reducing electricity costs for households. Excluding these rebates, electricity costs for households would have increased 16.6% since June 2023.
June 2023, index = 100
- 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.
- Introduction of the Energy Bill Relief Fund for concession households in VIC.
- Introduction of the Energy Bill Relief Fund for newly eligible households in NSW, SA, TAS, NT and ACT.
- Introduction of the Energy Bill Relief Fund for newly eligible households in VIC.
- Introduction of the second instalment of the Energy Bill Relief Fund for all households in WA.
- Introduction of the second instalment of Energy Bill Relief Fund for concession household in VIC.
- Introduction of the second instalment of the Energy Bill Relief Fund for concession and newly eligible households in TAS.
- Introduction of the first instalment of 2024-25 Commonwealth rebates for all households in QLD and WA, and State rebates in QLD, WA and TAS.
- Introduction of the first instalment 2024-25 Commonwealth rebates for all households in NSW, VIC, SA, TAS, NT and ACT.
Insurance
Insurance prices rose 14.0% in the 12 months to August, in line with the same annual growth in July (+14.0%). 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.
Food and non-alcoholic beverages
Food and non-alcoholic beverage prices rose 3.4% in the 12 months to August, down from a rise of 3.8% in July. The main drivers were Fruit and vegetables (+9.6%), Meals out and take away foods (+2.9%), and Food products n.e.c. (+4.2%). Rises in Fruit and vegetables such as for strawberries, grapes, broccoli and cucumbers were the result of poor weather during growing seasons and diseases which reduced crop yields.
Dairy and related products was the only group to record a decrease annually and fell 0.2% in the year to August, driven by price falls for cheese.
Automotive fuel
Automotive fuel prices were 7.6% lower compared to August 2023, down from an annual rise of 4.0% in July. The significant fall in the annual movement is driven by base effects, with the 9.1% price rise in the month of August 2023 no longer contributing to the annual movement in August 2024.
On a monthly basis, fuel prices have fallen in three of the past four months due to lower global demand, which has pushed down the global price of oil.
Urban transport fares
Urban transport fares fell 1.5% in the 12 months to August 2024, following cheaper or free public transport in Brisbane, Hobart and Darwin.
In monthly terms, Urban transport fares fell 5.2% in August. The fall was driven by the introduction of the Queensland Government’s 50 cent Public Transport Fares initiative which commenced from 5 August 2024, lowering out of pocket costs for public transport.
Holiday travel and accommodation
Holiday travel and accommodation prices rose 2.8% in the 12 months to August, following a rise of 0.2% in the 12 months to July.
In monthly terms, Holiday travel and accommodation prices fell 1.4% in August. The main contributor to the fall was Domestic holiday travel and accommodation (-2.6%) as demand was softer due to no school holidays.
Data downloads
Time Series Spreadsheets
Data files
TABLE 1. Monthly CPI Indicator: All groups, Groups, select Expenditure classes and 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, Australia, Percentage Change from previous period, Weighted Average of Eight Capital Cities
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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
Articles
Monthly CPI indicator articles and related media
Measuring Rents in the CPIÂ
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.
Methodology
Scope
The monthly CPI indicator is a general measure of price change for goods and services purchased by Australian households.
Geography
Monthly data is published at the national level, derived as a weighted average of the eight capital cities.
Source
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.