The monthly CPI indicator is a measure of inflation and includes statistics about prices for categories of households expenditure
The monthly CPI indicator rose 4.9% in the 12 months to October.
The most significant price rises were Housing (+6.1%), Food and non-alcoholic beverages (+5.3%), and Transport (+5.9%).
The ABS has collected prices for goods and services for over 100 years, with the quarterly CPI dating back to 1948. To mark the 75-year milestone of producing the CPI, a media statement and article titled ‘What changes in prices and their collection tell us about Australia' have been released.
| Aug 22 to Aug 23 % change | Sep 22 to Sep 23 % change | Oct 22 to Oct 23 % change | |
|---|---|---|---|
| All groups monthly CPI | 5.2 | 5.6 | 4.9 |
| Food and non-alcoholic beverages | 4.4 | 4.7 | 5.3 |
| Bread and cereal products | 10.4 | 8.9 | 8.5 |
| Meat & seafood | 2.6 | 1.7 | 1.8 |
| Dairy and related products | 10.1 | 8.0 | 7.8 |
| Fruit & vegetables | -8.3 | -5.4 | 1.0 |
| Food products n.e.c. | 6.9 | 6.8 | 6.2 |
| Non-alcoholic beverages | 5.0 | 4.9 | 3.4 |
| Alcohol and tobacco | 4.4 | 5.8 | 6.6 |
| Alcohol | 4.7 | 5.0 | 4.5 |
| Tobacco | 3.7 | 7.5 | 10.4 |
| Clothing and footwear | 1.5 | -0.1 | -1.5 |
| Garments | 0.4 | -2.2 | -1.7 |
| Housing | 6.6 | 7.2 | 6.1 |
| Rents | 7.8 | 7.6 | 6.6 |
| New dwelling purchases by owner-occupiers | 4.8 | 4.9 | 4.7 |
| Electricity | 12.7 | 18.0 | 10.1 |
| Gas and other household fuels | 12.9 | 12.7 | 13.0 |
| Furnishings, household equipment and services | 4.0 | 2.3 | 0.4 |
| Health | 5.2 | 5.4 | 6.3 |
| Transport | 7.4 | 9.4 | 5.9 |
| Automotive fuel | 13.9 | 19.7 | 8.6 |
| Communications | 1.6 | 1.2 | 1.8 |
| Recreation and culture | 3.9 | 3.5 | 2.7 |
| Holiday travel and accommodation | 6.6 | 1.9 | 1.3 |
| Education | 5.5 | 4.8 | 4.8 |
| Insurance and financial services | 8.8 | 8.6 | 8.6 |
| CPI analytical series | |||
| Seasonally adjusted | 5.5 | 5.5 | 4.8 |
| CPI excluding volatile items** and holiday travel | 5.5 | 5.5 | 5.1 |
| Annual Trimmed mean | 5.6 | 5.4 | 5.3 |
** = Volatile items are Fruit and vegetables and Automotive fuel
The monthly CPI indicator rose 4.9% in the 12 months to October, down from a rise of 5.6% in September.
The annual movement for the monthly CPI indicator excluding volatile items and holiday travel rose 5.1% in October, down from the rise of 5.5% in September. This series excludes Fruit and vegetables, Automotive fuel, and Holiday travel and accommodation.
Annual trimmed mean inflation was 5.3% in October, down slightly from the rise of 5.4% in September.
*Volatile items are Fruit and vegetables and Automotive fuel
New dwelling prices rose 4.7% in the 12 months to October. The rate of price growth has eased since last year reflecting improvements in the supply of materials and subdued new demand.
Rent prices increased 6.6% in the 12 months to October 2023, down from 7.6% in September. In monthly terms, Rent prices fell 0.4% in October, following a 0.3% rise in September. The fall in Rents this month was due to the remaining impact of the changes to Commonwealth Rent Assistance. From 20 September the maximum rate available for rent assistance increased by 15%, on top of the regular biannual indexation. An increase in rent assistance reduces rents for eligible tenants. Excluding the changes to rent assistance, Rents would have risen 0.7% over the month.
Electricity prices rose 10.1% in the 12 months to October 2023, down from a rise of 18.0% in September. The annual movement was impacted by base effects, with the large monthly price rise in October 2022 no longer contributing to the October 2023 annual movement.
Electricity prices rose 3.4% in the month of October 2023, up from a rise of 0.2% in September. The rise was driven by the unwinding of the Energy Bill Relief Fund rebates for all households in Perth after receiving the first rebate instalment in July 2023.
The Electricity series was updated with monthly prices from October 2021 onwards. Annual movements prior to October 2022 are calculated using base periods where electricity prices were updated quarterly in month 3, with carry forward imputation used in the months where prices were not updated.
Energy Bill Relief Fund rebates introduced from July 2023 reduced electricity bills for concession households in Sydney, Melbourne, Adelaide, Hobart, Darwin and Canberra and for all households in Brisbane and Perth.
From October 2023, newly eligible households received Energy Bill Relief Fund rebates in Sydney, Adelaide, Hobart, Darwin and Canberra. For Melbourne, rebates for newly eligible households will be reflected from November 2023.
Electricity prices have risen 8.4 per cent since June 2023. Excluding the Energy Bill Relief Fund rebates, Electricity prices would have increased 18.8 per cent over this period.
The following graph shows the Electricity series including and excluding government electricity rebates.
June 2022, index = 100
Food and non-alcoholic beverage prices rose 5.3% in the 12 months to October, up from a rise of 4.7% in September. The main contributors were Food products n.e.c. (+6.2%) and Bread and cereal products (+8.5%). Fruit and vegetable prices were 1.0% higher compared to 12 months ago due to reduced supply of melons and bananas.
In monthly terms, Food and non-alcoholic beverage prices rose 0.1%.
Tobacco prices rose 10.4% in the 12 months to October. This is the highest annual increase since August 2021. In monthly terms, prices for Tobacco rose 3.4% in October 2023, following a rise of 4.8% in September. Tobacco prices increased due to the 5% annual tobacco excise indexation and biannual Average Weekly Ordinary Time Earnings increase, which were both applied on 1 September.
Automotive fuel prices rose 8.6% in the 12 months to October, down from a rise of 19.7% in September.
The decrease in the annual movement in October is largely due to base effects from the reinstatement of the full fuel excise tax from 30 September 2022. The end of the tax cut saw the excise rise from 22 cents per litre to 46 cents per litre, resulting in a monthly rise of 7.0% in Automotive fuel prices in October 2022. The rise in October 2022 no longer contributes to the annual movement for October 2023.
In monthly terms, Automotive fuel prices fell 2.9% in October, following a rise of 3.3% in September.
Holiday travel and accommodation prices rose 1.3% in the 12 months to October, down from 1.9% in September. This is the lowest annual rise since February 2022 and down from the peak of 29.3 in December 2022.
In monthly terms, Holiday travel and accommodation prices fell 7.0%, following a rise of 4.3% in September. This reflects the decrease in demand for both domestic and international holiday travel with the end of the school holiday period in September and the end of the peak European summer season.
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Data explorer for the monthly CPI indicator.
For information on Data Explorer and how it works, see the Data Explorer user guide.
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 (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.
The monthly CPI indicator is a general measure of price change for goods and services purchased by Australian households.
Monthly data is published at the national level, derived as a weighted average of the eight capital cities.
Prices are collected for a range of goods and services (the CPI basket) from a variety of retailers across the eight capital cities.
Prices are collected in a range of frequencies including monthly, quarterly, and annually using:
Information about the data sources and methods used to compile the CPI is contained in the Consumer Price Index: Concepts, Sources and Methods.