Consumer Price Index: Restaurants and Hotels (COICOP 11): Total for Australia
AUSCP110000GPQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.47
Year-over-Year Change
-483.35%
Date Range
10/1/2011 - 7/1/2023
Summary
The Consumer Price Index (CPI) for Restaurants and Hotels in Australia measures changes in the prices paid by consumers for meals away from home, accommodation, and related services. This metric is a key indicator of inflationary pressures in the hospitality sector.
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 Restaurants and Hotels CPI tracks the prices of a representative basket of goods and services in the restaurant, cafe, and accommodation industries. It is a component of the overall CPI, which is the primary measure of inflation used by the Reserve Bank of Australia for monetary policy decisions.
Methodology
The Australian Bureau of Statistics collects price data from a sample of businesses on a monthly basis to calculate the Restaurants and Hotels CPI.
Historical Context
Analysts and policymakers monitor this indicator to assess the state of the Australian service economy and consumer demand.
Key Facts
- The Restaurants and Hotels CPI accounts for around 5% of the overall Australian CPI basket.
- Australia's Restaurants and Hotels CPI reached a record high in 2022 amid rising costs and demand.
- Policymakers use the Restaurants and Hotels CPI to gauge inflationary pressures in the service sector.
FAQs
Q: What does this economic trend measure?
A: The Restaurants and Hotels CPI measures changes in the prices paid by Australian consumers for meals away from home, accommodation, and related services.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insight into inflationary pressures within the hospitality sector, which is an important component of the broader Australian economy.
Q: How is this data collected or calculated?
A: The Australian Bureau of Statistics collects monthly price data from a sample of businesses to calculate the Restaurants and Hotels CPI.
Q: How is this trend used in economic policy?
A: Policymakers at the Reserve Bank of Australia monitor the Restaurants and Hotels CPI as part of their assessment of overall inflationary conditions and in making monetary policy decisions.
Q: Are there update delays or limitations?
A: The Restaurants and Hotels CPI is published monthly by the Australian Bureau of Statistics with a typical release lag of 4-6 weeks.
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Citation
U.S. Federal Reserve, Consumer Price Index: Restaurants and Hotels (COICOP 11): Total for Australia (AUSCP110000GPQ), retrieved from FRED.