ABS monthly inflation lower than expected

Wednesday 1 March 2023

Some positive news on the inflation front with the Australian Bureau of Statistics (ABS) monthly inflation gauge dropping to 7.4% year-on-year in January, down from 8.4% in December.

The result was far lower than economist expectations of 8.1% price growth.

The most significant contributors to the annual increase in the January monthly CPI indicator were Housing (+9.8%), Food and non-alcoholic beverages (+8.2%) and Recreation and culture (+10.2%).

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.