The Australian Bureau of Statistics will publish monthly inflation data for July and August at 11.30am Sydney time, which is 0130 GMT.

The ABS sound a note of caution:

  • “An important feature of the monthly CPI indicator is that, while it will represent all goods and services in the CPI basket, only around two-thirds of items in the CPI basket will have up-to-date prices each month. Items where prices typically change more frequently and will have up-to-date prices each month include food, alcohol, tobacco, clothing, rents, petrol and holiday travel.”
  • “That said, the monthly CPI indicator data included in the information paper show that the indicator aligns closely to the quarterly CPI and provides a timelier indicator of inflation.”

The official quarterly measure of CPI will be published on October 26.

Australia monthly cpi 29 September 2022

The Reserve Bank of Australia is hiking its cash rate to try to tame inflation. The Bank next meet on Tuesday, October 4. A 50bp rate hike is widely expected, for example:

I suspect the Reserve Bank of Australia will be keenly eyeing this new monthly indicator but they'll be cautious given the comments from the ABS above.