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Latest Inflation Data - March 2024 Quarter 

The Consumer Price Index (CPI) measures household inflation and includes statistics about price change for categories of household expenditure. For more details, please click here.

Key statistics

  • The Consumer Price Index (CPI) rose 1.0% this quarter.
  • Over the twelve months to the March 2024 quarter, the CPI rose 3.6%.
  • Strongest annual rise in rental price growth since 2009. Rental prices rose 7.8% annually, the strongest rise since the March 2009 quarter. Rental price growth continues to reflect low vacancy rates and a tight rental market. 
  • Increase in education fees highest in 12 years. The Education group, which covers primary, secondary and tertiary education, recorded the largest rise since 2012. Fees are collected once a year at the beginning of the school year. The rise was driven by higher primary and secondary school fees, as well as tertiary education following the indexation of higher education course fees.
  • Strongest annual growth in insurance premiums in 23 years. Insurance prices rose 16.4 per cent annually, which is the strongest annual rise since 2001. Higher reinsurance, natural disaster and claims costs continue to drive higher premiums for house, home contents and motor vehicle insurance. 
  • Annual food inflation eased to 3.8% in the March quarter, down from 4.5% in the previous quarter and the peak of 9.2% in December 2022. Over the past 12 months, prices have risen for bread and cereal products, dairy products and other food products such as condiments, albeit at a lower annual rate than in previous quarters.  
  • Energy Bill Relief Fund rebates continue to reduce electricity bills. Electricity prices fell 1.7% in the March 2024 quarter, following a rise of 1.4% in the December 2023 quarter. Annually, electricity prices have increased 2.0%, down from a 6.9% increase in the 12 months to December 2023. The introduction of the Energy Bill Relief Fund rebates from July 2023 has moderated the increase in electricity bills for households. Electricity prices have risen 3.9% since the June 2023 quarter. Excluding the Energy Bill Relief Fund rebates, prices would have increased by 17.0% over this period. 

 

Annual CPI inflation continues to ease in the March quarter.

Annual CPI inflation was 3.6% in the March 2024 quarter, lower than the 4.1% annual rise in the previous quarter. This marks the fifth consecutive quarter of lower annual inflation since the peak of 7.8% in the December 2022 quarter. Trimmed mean annual inflation of 4.0% was also lower in the March quarter compared to the previous quarter of 4.2% and the peak in December 2022 of 6.8%.

Goods and Services annual inflation both lower

Annual inflation for goods this quarter was 3.1%. This is the sixth consecutive quarter of lower annual inflation for goods, down from the peak of 9.6% in the September 2022 quarter. Annual inflation for most goods eased in the March 2024 quarter, with some goods, such as footwear, furniture, appliances and meat and seafood products seeing deflation, meaning their prices are lower compared to 12 months ago. Annual services inflation eased for the third consecutive quarter to 4.3%, down from the peak of 6.3% in the June 2023 quarter. 

 

 

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