Australian Bureau of Statistics (ABS) Monthly Consumer Price Indicators (CPI) Indicators for July on the 27th of August 2024.

The Australian Bureau of Statistics officially released the most recent Consumer Price Index (CPI) data on the 27th of August 2024. In this latest report, the monthly CPI indicator experienced a rise of 3.5% over the 12 months leading up to July, reflecting a slight decrease from the 3.8% increase recorded in June. Since the release, the Reserve Bank of Australia has updated the website's monthly inflation inflation indicator rate. When examining the annual movement of the monthly CPI indicator while excluding items that tend to be volatile and holiday travel expenses, the rate stood at 3.7% in July, which also represents a decrease from the 4.0% rise noted in June. This calculation intentionally omits categories such as automotive fuel, fresh fruit and vegetables, holiday travel, and accommodation costs to provide a clearer picture. An alternative method of assessing underlying inflation is the trimmed mean approach, which effectively reduces the influence of irregular or temporary price fluctuations within the CPI. According to this analysis, the annual movement for the trimmed mean came in at 3.8% for July, showing a decrease from the 4.1% increase recorded in June.

The critical points for consideration

• The extended and expanded Commonwealth Energy Bill Relief Fund rebate, along with the recent introduction of various State government rebates, has begun to take effect starting from July 2024. These rebates are designed to significantly reduce electricity costs for households across the region, providing financial relief to families and individuals relying on these essential services. More detailed information regarding the impact and specific timing of these rebates is provided in the sections below.

• Additionally, the urban transport expenditure class (EC) has been updated to accurately reflect price changes every month as of July 2024. Previously, these prices were updated only once per quarter, but this new approach ensures a more timely reflection of market conditions. The monthly data generated will compile the Urban Transport EC as the average of the three months included in the quarterly Consumer Price Index (CPI) starting from the September quarter of 2024.

Source: Australian Bureau of Statistics 27th of August Monthly CPI Indicator

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