Surging annual inflation - shocking price rises.
Wednesday, 26 June 2024
Petrol up 9.3%
Tobacco up 13.4%
Rents up 7.4%
Insurance up 7.8%
Overall inflation - out of control at 4% and surging.
Key statistics
- The monthly CPI indicator rose 4.0% in the 12 months to May.
- The most significant price rises were Housing (+5.2%), Food and non-alcoholic beverages (+3.3%), Transport (+4.9%) and Alcohol and tobacco (+6.7%).
Main features
Weighted average of eight capital cities, annual movement
| Mar 23 to Mar 24 % change | Apr 23 to Apr 24 % change | May 23 to May 24 % change | ||
|---|---|---|---|---|
| All groups monthly CPI | 3.5 | 3.6 | 4.0 | |
| Food and non-alcoholic beverages | 3.5 | 3.8 | 3.3 | |
| Bread and cereal products | 7.3 | 5.1 | 3.4 | |
| Meat and seafood | -0.9 | -0.6 | -0.6 | |
| Dairy and related products | 2.9 | 2.7 | 2.4 | |
| Fruit and vegetables | -1.2 | 3.5 | 4.4 | |
| Food products n.e.c. | 4.0 | 4.2 | 4.0 | |
| Non-alcoholic beverages | 5.5 | 2.8 | 3.8 | |
| Alcohol and tobacco | 6.1 | 6.5 | 6.7 | |
| Alcohol | 2.7 | 3.1 | 3.4 | |
| Tobacco | 12.4 | 13.0 | 13.4 | |
| Clothing and footwear | 0.3 | 2.4 | 2.8 | |
| Garments | 1.7 | 2.1 | 2.9 | |
| Housing | 5.2 | 4.9 | 5.2 | |
| Rents | 7.7 | 7.5 | 7.4 | |
| New dwelling purchases by owner-occupiers | 5.1 | 4.9 | 4.9 | |
| Electricity | 5.2 | 4.2 | 6.5 | |
| Gas and other household fuels | -2.9 | -3.5 | -3.9 | |
| Furnishings, household equipment and services | 0.1 | -0.8 | -1.1 | |
| Health | 4.1 | 6.1 | 6.1 | |
| Transport | 4.5 | 4.2 | 4.9 | |
| Automotive fuel | 8.1 | 7.4 | 9.3 | |
| Communications | 1.6 | 2.0 | 0.7 | |
| Recreation and culture | -0.6 | -1.3 | 2.0 | |
| Holiday travel and accommodation | -3.9 | -6.2 | 2.9 | |
| Education | 5.2 | 5.2 | 5.2 | |
| Insurance and financial services | 8.2 | 8.2 | 7.8 | |
| CPI analytical series | ||||
| Seasonally adjusted | 3.8 | 3.8 | 4.1 | |
| CPI excluding volatile items** and holiday travel | 4.1 | 4.1 | 4.0 | |
| Annual Trimmed mean | 4.0 | 4.1 | 4.4 | |