Inflation rate Australia Q1 2021-Q4 2023

Published by Statista Research Department, Mar 28, 2024

The inflation rate in Australia was at 4.1 percent as of the fourth quarter of 2023. This was a decline of 3.7 percentage points from the high of 7.8 percent in the fourth quarter of 2022. 

Inflation rate in Australia from Q1 2021 to Q4 2023

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Release date

March 2024

Region

Australia, Australia and Oceania

Survey time period

Q1 2021 to Q4 2023

Supplementary notes

Inflation is an increase in the level of prices of the goods and services that households buy. It is measured as the rate of change of those prices. Typically, prices rise over time, but prices can also fall (a situation called deflation). The most well-known indicator of inflation is the Consumer Price Index (CPI), which measures the percentage change in the price of a basket of goods and services consumed by households. In Australia, the CPI is calculated by the Australian Bureau of Statistics (ABS) and published once a quarter.

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