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Australia's CPI rises 6.8% YoY in April 2023: ABS

31 May '23
1 min read
Pic: Shutterstock
Pic: Shutterstock

Insights

  • Australia's monthly CPI rose by 6.8 per cent YoY in April 2023.
  • This annual increase surpasses the 6.3 per cent rise reported in March 2023, but is less than the peak of 8.4 per cent seen in December 2022.
  • Specifically for clothing and footwear, the monthly CPI experienced a 2 per cent growth in April 2023 compared to the same period in 2022.
Australia’s monthly consumer price index (CPI) indicator rose 6.8 per cent in the year to April 2023, according to the latest data from the Australian Bureau of Statistics (ABS). The country’s annual increase of 6.8 per cent in April 2023 is higher than the 6.3 per cent annual rise reported in March 2023, but is below the high of 8.4 per cent recorded in December 2022.

For clothing and footwear, the monthly CPI grew by 2 per cent in April 2023, as compared to April 2022.

"It can be helpful to exclude items with volatile price changes from the headline CPI to provide a view of underlying inflation. When excluding these volatile items, the annual movement of the monthly CPI indicator was 6.5 per cent in April, lower than 6.9 per cent recorded in March," said Michelle Marquardt, ABS head of prices statistics.

Fibre2Fashion News Desk (DP)

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