Consumer Price Index: Communication (COICOP 08): Total for Australia
AUSCP080000IXNBQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
78.70
Year-over-Year Change
2.21%
Date Range
7/1/1972 - 7/1/2023
Summary
The Consumer Price Index: Communication (COICOP 08): Total for Australia measures changes in the prices of communication goods and services in Australia. This key inflation indicator is closely monitored by policymakers and economists to assess the health of the Australian economy.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Consumer Price Index: Communication (COICOP 08): Total for Australia is a subcomponent of the broader Consumer Price Index (CPI), which tracks changes in the prices of a basket of consumer goods and services. The communication component measures price movements in areas like telephone and internet services, postal charges, and equipment purchases.
Methodology
The Australian Bureau of Statistics collects price data from households and businesses to calculate this index.
Historical Context
The communication CPI is used by the Reserve Bank of Australia and other policymakers to help guide monetary policy decisions and inflation targeting.
Key Facts
- Communication costs make up around 3.5% of the total Australian CPI basket.
- The communication CPI has risen by an average of 0.4% per year over the past decade.
- Telephone and internet services account for the largest share of the communication CPI.
FAQs
Q: What does this economic trend measure?
A: The Consumer Price Index: Communication (COICOP 08): Total for Australia measures changes in the prices of communication goods and services in Australia, a key component of the overall consumer price index.
Q: Why is this trend relevant for users or analysts?
A: The communication CPI is an important indicator of inflation pressure and consumer spending in the telecommunications sector, providing insights for policymakers, businesses, and households.
Q: How is this data collected or calculated?
A: The Australian Bureau of Statistics collects price data from households and businesses to calculate this index.
Q: How is this trend used in economic policy?
A: The communication CPI is used by the Reserve Bank of Australia and other policymakers to help guide monetary policy decisions and inflation targeting.
Q: Are there update delays or limitations?
A: The communication CPI is published quarterly by the Australian Bureau of Statistics, with a short lag period between the reference quarter and release.
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Citation
U.S. Federal Reserve, Consumer Price Index: Communication (COICOP 08): Total for Australia (AUSCP080000IXNBQ), retrieved from FRED.