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Australia Inflation

Australia Inflation

Inflation in Australia

Australia's inflation was notably stable from 2013 to 2022, averaging around 2%. The country managed to maintain this stability through effective monetary policies and a robust economic environment, even during global fluctuations. However, the COVID-19 pandemic brought a rise in inflation, reflecting the global trend of increased consumer prices due to disrupted supply chains and economic stimulus measures.

Consumer price inflation in Australia averaged 2.3% in the ten years to 2022, slightly above the Asia-Pacific regional average of 2.1%. The 2022 average figure for Australia was 6.6%. For more inflation information, visit our dedicated page.

Australia Inflation Chart

Note: This chart displays Inflation Rate (CPI, annual variation in %) for Australia from 2014 to 2023.
Source: Australian Bureau of Statistics.

Australia Inflation Data

2018 2019 2020 2021 2022
Inflation (CPI, ann. var. %, aop) 1.9 1.6 0.8 2.9 6.6
Inflation (CPI, ann. var. %, eop) 1.8 1.8 0.9 3.5 7.8
Inflation (PPI, ann. var. %, aop) 1.8 1.8 0.1 2.2 5.7

Inflation rises in March

Inflation came in at 3.5% in March, up from 3.4% in February. Stronger increases in prices for housing and transport were behind the acceleration. Meanwhile, annual average inflation moderated to 4.7% in March from 4.9% in February. Lastly, consumer prices rose 0.41% over the previous month in March, following February’s 0.49% increase.

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Australian inflation projections for the next ten years from a panel of 33 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Australian inflation.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Australian inflation projections.

Want to get access to the full dataset of Australian inflation forecasts? Send an email to info@focus-economics.com.

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