Inflation, consumer prices for Australia
FPCPITOTLZGAUS • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3.16
Year-over-Year Change
79.35%
Date Range
1/1/1960 - 1/1/2024
Summary
The Consumer Price Index (CPI) for Australia measures the change in the average price level of a basket of consumer goods and services. It is a key indicator of inflation and an important metric for policymakers and economists.
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 Australian CPI tracks the prices of a representative sample of consumer expenditures, including food, housing, transportation, and other categories. It is used to assess the overall cost of living and inform monetary policy decisions by the Reserve Bank of Australia.
Methodology
The Australian Bureau of Statistics collects price data from households and businesses across the country to calculate the CPI.
Historical Context
The Australian CPI is closely monitored by the Reserve Bank of Australia, which uses it to help set interest rates and maintain the target inflation range.
Key Facts
- Australia's CPI is calculated monthly by the Australian Bureau of Statistics.
- The CPI basket contains over 100,000 price quotes from 90,000 Australian businesses.
- The RBA aims to keep inflation between 2-3% over the medium term.
FAQs
Q: What does this economic trend measure?
A: The Australian Consumer Price Index (CPI) measures the average change in prices paid by consumers for a basket of goods and services.
Q: Why is this trend relevant for users or analysts?
A: The CPI is a key indicator of inflation, which is closely watched by the Reserve Bank of Australia and used to inform monetary policy decisions.
Q: How is this data collected or calculated?
A: The Australian Bureau of Statistics collects price data from households and businesses across the country to calculate the CPI.
Q: How is this trend used in economic policy?
A: The Australian CPI is used by the Reserve Bank of Australia to help set interest rates and maintain the target inflation range.
Q: Are there update delays or limitations?
A: The Australian CPI is published monthly with a short delay, providing timely information on inflationary pressures.
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Citation
U.S. Federal Reserve, Inflation, consumer prices for Australia (FPCPITOTLZGAUS), retrieved from FRED.