CPI Inflation Update: June 2023

Key Highlights

National CPI Inflation Surges to New Highs

According to the latest data, the Web Consumer Price Index (CPI) National for June 2023 has surged to 2940, a significant increase over June 2022. This marks a worrying trend and raises concerns about the rising cost of living in Australia.

Urban CPI Inflation Decreases Slightly

In contrast to the National CPI, the Web Urban CPI recorded a decrease in inflation for June 2023, dropping to 273% from 351% in the previous month. While this provides some relief, it is still significantly higher than the desired inflation target.

Quarterly Consumer Price Index Release

The Australian Bureau of Statistics (ABS) will release the Consumer Price Index for the June Quarter of 2024 on July 31, 2024, at 11:30 am AEST. This comprehensive report will provide detailed insights into inflation trends and their impact on various sectors of the economy.

Importance of CPI

The Consumer Price Index is a crucial economic indicator that measures the change in prices paid by urban consumers. It is widely used to gauge inflation, adjust wages and benefits, and monitor the effectiveness of government economic policies.