The monthly CPI data is due on Wednesday March 1, 2023

  • at 11.30 am Sydney time
  • 0030 GMT
  • 7.30pm US Eastern time

The Monthly inflation indicator for January 2023.

December's was a whopping 8.4%. The December report was released the same day as the Q4 CPI, this was also a shockingly high result, 7.8%. The data were key to locking in the February Reserve Bank of Australia rate hike.

Monthly inflation data from Australia is a proxy for the more thorough quarterly figure:

  • it provides a more timely view on inflation
  • but it is an incomplete update, only an approximation
  • it covers around 60% of price updates, and only applies to the first month of the Jan, Feb, March quarter (d'uh)
  • analysts point to especially poor coverage of market services components of the inflation basket this month

Expectations I have seen for the January figure centre on 7.9%.


The RBA seem locked into another rate hike in March. The meeting is on the 7th and +25bp is widely expected. This will take the cash rate too 3.6%, still well below the current inflation rate.

rba cash rate inflation