Monthly Consumer Price Index Indicator, June 2024 (2024)

The monthly CPI indicator rose 3.8% in the 12 months to June, down from a 4.0% rise in the 12 months to May.

The annual movement for the monthly CPI indicator excluding volatile items and holiday travel was 4.0% in June, the same as the 4.0% rise in May. This series excludes Automotive fuel, Fruit and vegetables and Holiday travel and accommodation.

Annual trimmed mean inflation was 4.1% in June, down from 4.4% in May.

Monthly CPI indicator, Australia, annual movement (%)
	Monthly CPI indicator (%)	Annual Trimmed mean (%)	Monthly CPI excluding volatile items* & holiday travel (%)
Jun-20	-0.1	1.2	0.4
Jul-20	0.8	1.0	1.4
Aug-20	1.1	1.3	1.3
Sep-20	0.4	1.0	1.4
Oct-20	0.5	1.3	1.9
Nov-20	1.1	1.5	2.1
Dec-20	0.3	1.3	1.8
Jan-21	0.4	1.4	1.9
Feb-21	1.1	1.1	1.5
Mar-21	0.8	0.9	1.1
Apr-21	2.5	0.9	2.1
May-21	3.3	1.5	3.0
Jun-21	3.5	1.5	3.4
Jul-21	2.1	1.6	2.1
Aug-21	2.5	2.0	2.6
Sep-21	3.1	2.3	2.5
Oct-21	3.0	2.3	2.0
Nov-21	3.2	2.3	2.2
Dec-21	3.5	2.7	2.9
Jan-22	4.0	3.1	3.1
Feb-22	4.9	3.4	4.1
Mar-22	5.7	3.7	4.4
Apr-22	5.5	4.0	4.9
May-22	6.1	4.3	5.2
Jun-22	6.8	4.5	5.5
Jul-22	7.2	5.4	6.2
Aug-22	7.2	5.9	6.6
Sep-22	7.2	6.1	6.6
Oct-22	7.0	6.1	7.0
Nov-22	7.4	6.6	7.1
Dec-22	8.4	7.2	7.2
Jan-23	7.5	6.5	6.9
Feb-23	6.8	6.5	6.8
Mar-23	6.3	6.5	6.9
Apr-23	6.7	6.7	6.5
May-23	5.5	6.1	6.4
Jun-23	5.4	6.0	6.1
Jul-23	4.9	5.6	5.8
Aug-23	5.2	5.6	5.5
Sep-23	5.6	5.4	5.5
Oct-23	4.9	5.3	5.1
Nov-23	4.3	4.6	4.8
Dec-23	3.4	4.0	4.2
Jan-24	3.4	3.8	4.1
Feb-24	3.4	3.9	3.9
Mar-24	3.5	4.0	4.1
Apr-24	3.6	4.1	4.1
May-24	4.0	4.4	4.0
Jun-24	3.8	4.1	4.0

*Volatile items are Fruit and vegetables and Automotive fuel

Monthly CPI Indicator and Groups, Australia, annual movement (%)
	Jan-24 (%)	Feb-24 (%)	Mar-24 (%)	Apr-24 (%)	May-24 (%)	Jun-24 (%)
Monthly CPI indicator	3.4	3.4	3.5	3.6	4.0	3.8
Food & non-alcoholic beverages	4.4	3.6	3.5	3.8	3.3	3.3
Alcohol & tobacco	6.7	6.1	6.1	6.5	6.7	6.9
Clothing & footwear	0.4	0.8	0.3	2.4	2.8	3.6
Housing	4.6	4.6	5.2	4.9	5.2	5.5
Furnishings, household equipment & services	0.3	-0.3	0.1	-0.8	-1.1	-1.1
Health	3.9	3.9	4.1	6.1	6.1	5.3
Transport	3.0	3.4	4.5	4.2	4.9	4.2
Communications	2.0	1.7	1.6	2.0	0.7	1.0
Recreation & culture	-1.7	0.4	-0.6	-1.3	2.0	0.6
Education	4.7	5.1	5.2	5.2	5.2	5.6
Insurance & financial services	8.2	8.4	8.2	8.2	7.8	6.4

New dwellings and Rents

The annual rise in New dwelling prices was 5.4%, up from 4.9% in May, maintaining the trend of annual price growth of around 5% since August 2023. This reflects builders passing higher costs for labour and materials onto consumers.

Rental prices increased 7.1% in the 12 months to June, down from the 7.4% increase in May. Rental price growth remains high due to a tight rental market.

New dwellings and Rents, Australia, annual movement (%)
	Rents (%)	New dwelling purchase by own occupiers (%)
Jun-20	-1.2	1.0
Jul-20	-1.2	1.2
Aug-20	-1.5	1.8
Sep-20	-1.5	1.3
Oct-20	-1.5	1.4
Nov-20	-1.4	1.8
Dec-20	-1.4	1.6
Jan-21	-1.4	2.3
Feb-21	-1.5	0.9
Mar-21	-1.5	0.9
Apr-21	-1.5	0
May-21	0	1.6
Jun-21	0	1.9
Jul-21	0	2.1
Aug-21	0.3	4.1
Sep-21	0.3	5.0
Oct-21	0.3	5.0
Nov-21	0.3	6.9
Dec-21	0.3	9.6
Jan-22	0.3	10.5
Feb-22	1.0	13.4
Mar-22	1.0	15.8
Apr-22	1.0	19.3
May-22	1.5	19.4
Jun-22	1.5	20.7
Jul-22	2.0	21.7
Aug-22	2.4	20.5
Sep-22	2.9	20.0
Oct-22	3.5	20.4
Nov-22	3.6	17.9
Dec-22	4.1	16.0
Jan-23	4.8	14.7
Feb-23	4.8	13.0
Mar-23	5.3	11.1
Apr-23	6.1	9.2
May-23	6.3	8.3
Jun-23	7.3	6.6
Jul-23	7.6	5.9
Aug-23	7.8	4.8
Sep-23	7.6	4.9
Oct-23	6.6	4.7
Nov-23	7.1	5.5
Dec-23	7.4	5.1
Jan-24	7.4	4.8
Feb-24	7.6	4.9
Mar-24	7.7	5.1
Apr-24	7.5	4.9
May-24	7.4	4.9
Jun-24	7.1	5.4

Electricity

Electricity prices rose 7.5% in the 12 months to June, up from a rise of 6.5% to May.

In monthly terms, Electricity prices rose 0.1% in June 2024.

Electricity, Australia, monthly and annual movement (%)
	Monthly (%)	Annual (%)
Jun-23	-0.9	10.2
Jul-23	6	15.7
Aug-23	-1.3	12.7
Sep-23	0.2	18
Oct-23	3.4	10.1
Nov-23	0.4	10.7
Dec-23	-5.7	0.4
Jan-24	0.9	0.8
Feb-24	-0.6	0.3
Mar-24	4.8	5.2
Apr-24	-1.9	4.2
May-24	1.4	6.5
Jun-24	0.1	7.5

Energy Bill Relief Fund rebates introduced from July 2023 have moderated the increase in electricity bills for households across Australia.

Excluding the Energy Bill Relief Fund rebates, Electricity prices would have increased 15.5% in the 12 months to June 2024.

The following graph shows the Electricity series including and excluding government electricity rebates.

Electricity index, Australia, index number (June 2023 = 100.0)
	Excluding Government Electricity Rebates (Index)	Including Government Electricity Rebates (Index)
Jun-23	100	100
Jul-23	119	106
Aug-23	120	105
Sep-23	120	105(1)
Oct-23	119	109(2)
Nov-23	119	109
Dec-23	118	103(3)
Jan-24	118	104(4)
Feb-24	118	103(5)
Mar-24	118	108
Apr-24	116	106(6)
May-24	116	108
Jun-24	116	108(7)

(1)EBRF (a)↵
(2)EBRF (b)↵
(3)EBRF (c)↵
(4)EBRF (d)↵
(5)EBRF (e)↵
(6)EBRF (f)↵
(7)EBRF (g)↵

June 2023, index = 100

a) Introduction of the Energy Bill Relief Fund (EBRF) for concession households in NSW, SA, TAS, NT and ACT, and for all households in QLD and WA. Introduction of additional ACT $50 rebate for concession households.
b)Introduction of the Energy Bill Relief Fundfor concession households in VIC.
c)Introduction of the Energy Bill Relief Fund for newly eligible householdsin NSW, SA, TAS, NT and ACT.
d) Introduction of the Energy Bill Relief Fund for newly eligible householdsin VIC.
e) Introduction of the second instalment of the Energy Bill Relief Fund for all households in WA.
f) Introduction of the second instalment of Energy Bill Relief Fund for concession household in VIC.
g) Introduction of the second instalment of the Energy Bill Relief Fund for concession and newly eligible households in TAS.

Food and non-alcoholic beverages

Food and non-alcoholic beverage prices rose 3.3% in the 12 months to June, consistent with the 3.3% rise in May. The main drivers were Food products n.e.c. (+3.7%) and Fruit and vegetables (+3.6%). Fruit and vegetables rose due to higher prices for strawberries, grapes, capsic*ms and broccoli.

Meat and seafood products recorded a partially offsetting fall (-0.2%) due to price falls for Lamb and goat over the past 12 months (-8.7%).

Food and non-alcoholic beverages, Australia, annual movement (%)
	April (%)	May (%)	June (%)
Food and non-alcoholic beverages	3.8	3.3	3.3
Bread and cereal products	5.1	3.4	3.4
Meat and seafoods	-0.6	-0.6	-0.2
Dairy and related products	2.7	2.4	1.6
Fruit and vegetables	3.5	4.4	3.6
Food products n.e.c.	4.2	4.0	3.7
Non-alcoholic beverages	2.8	3.8	6.1
Meals out & take away foods	5.4	4.2	4.2

Automotive fuel

Automotive fuel prices rose 6.6% in the 12 months to June 2024, a smaller increase than the 9.3% for the year to May. The rise was driven by higher wholesale fuel prices. The decrease in annual growth this month is primarily due to the large monthly rise of 3.8% in June 2023 no longer contributing to the annual movement.

In monthly terms, Automotive fuel prices rose 1.2% in June, following a fall in May (-5.1%).

Automotive fuel, Australia, monthly and annual movement (%)
	Monthly (%)	Annual (%)
Jun-20	9.1	-15.3
Jul-20	3.5	-12.7
Aug-20	-1.0	-12.8
Sep-20	0.6	-14.7
Oct-20	-0.4	-18.2
Nov-20	-1.0	-17.4
Dec-20	4.6	-14.3
Jan-21	1.7	-12.3
Feb-21	2.6	-6.9
Mar-21	7.0	9.9
Apr-21	1.7	32.9
May-21	-0.8	30.6
Jun-21	-0.3	19.4
Jul-21	7.1	23.6
Aug-21	-0.7	24.0
Sep-21	2.6	26.5
Oct-21	5.4	33.9
Nov-21	1.3	37.0
Dec-21	-3.4	26.5
Jan-22	4.3	29.7
Feb-22	6.0	34.0
Mar-22	12.5	40.9
Apr-22	-13.8	19.4
May-22	11.0	33.7
Jun-22	6.9	43.2
Jul-22	-3.4	29.2
Aug-22	-11.5	15.0
Sep-22	-1.7	10.1
Oct-22	7.0	11.8
Nov-22	5.6	16.6
Dec-22	-8.1	10.8
Jan-23	1.1	7.5
Feb-23	4.1	5.6
Mar-23	-2.2	-8.2
Apr-23	2.9	9.5
May-23	-6.7	-8.0
Jun-23	3.8	-10.6
Jul-23	-0.2	-7.6
Aug-23	9.1	13.9
Sep-23	3.3	19.7
Oct-23	-2.9	8.6
Nov-23	-0.5	2.3
Dec-23	-5.5	5.3
Jan-24	-0.9	3.1
Feb-24	5.1	4.1
Mar-24	1.5	8.1
Apr-24	2.2	7.4
May-24	-5.1	9.3
Jun-24	1.2	6.6

Holiday travel and accommodation

Holiday travel and accommodation prices fell 0.7% in the 12 months to June, following a rise of 2.9% in the 12 months to May.The decrease in annual growth this month is primarily due to the large monthly rise of 10.9% in June 2023 no longer contributing to the annual movement.

In monthly terms, Holiday travel and accommodation prices rose 7.0% in June. The main contributor to the rise was International holiday travel (+7.8%) due to an increase in demand for holiday travel to Europe at the start of their peak tourist season.Domestic holiday travel and accommodation rose (+6.2%) reflecting high demand for accommodation at the start of the ski season and over the June long weekend.

Holiday travel and accommodation, Australia, monthly and annual movement (%)
	Monthly (%)	Annual (%)
Jun-20	-0.4	-0.9
Jul-20	6	-2.9
Aug-20	-0.5	3.7
Sep-20	-9.1	-7.1
Oct-20	-1.1	-10.7
Nov-20	-0.9	-5.7
Dec-20	11.6	-8.2
Jan-21	-2.6	-9.6
Feb-21	-7.9	-3.9
Mar-21	-1.5	-7.1
Apr-21	5.8	-4.2
May-21	-6.1	-8.3
Jun-21	4.3	-4
Jul-21	-1.4	-10.7
Aug-21	-0.3	-10.5
Sep-21	4.5	2.8
Oct-21	1.7	5.7
Nov-21	-4.1	2.3
Dec-21	10.8	1.5
Jan-22	1.9	6.1
Feb-22	-12.4	1
Mar-22	2.3	5
Apr-22	9	8.2
May-22	-7.5	6.6
Jun-22	5.4	7.8
Jul-22	3.6	13.3
Aug-22	-5	7.9
Sep-22	9.1	12.6
Oct-22	-6.4	3.7
Nov-22	4.3	12.8
Dec-22	27	29.3
Jan-23	-7.2	17.8
Feb-23	-14.6	14.9
Mar-23	1.5	13.9
Apr-23	7.2	11.9
May-23	-11.3	7.3
Jun-23	10.9	12.9
Jul-23	-3.3	5.3
Aug-23	-3.9	6.6
Sep-23	4.3	1.9
Oct-23	-7	1.3
Nov-23	2.7	-0.3
Dec-23	15.8	-9.1
Jan-24	-5.2	-7.1
Feb-24	-9.3	-1.3
Mar-24	-1.2	-3.9
Apr-24	4.6	-6.2
May-24	-2.7	2.9
Jun-24	7	-0.7

Monthly Consumer Price Index Indicator, June 2024 (2024)

FAQs

What is the expected CPI for June 2024? ›

In June 2024, core CPI rose 3.3% YoY and headline CPI rose 3% YoY. Core services rose 3%, core goods fell 0.4%, food rose 0.3% and energy rose 0.1%.

What is the CPI forecast for 2024? ›

On the basis of these inflation forecasts, average consumer price inflation should be 3.2% in 2024 and 2.0% in 2025, compared to 4.06% in 2023 and 9.59% in 2022.

What was CPI in July 2024? ›

Core CPI (excluding energy, food, alcohol and tobacco) rose by 3.3% in the 12 months to July 2024, down from 3.5% in June; the CPI goods annual rate rose from negative 1.4% to negative 0.6%, while the CPI services annual rate fell from 5.7% to 5.2%.

What is the prediction for the CPI index? ›

In 2022, the U.S. Consumer Price Index was 292.61, and is projected to increase to 339.39 by 2028. The base period was 1982-84. The monthly CPI for all urban consumers in the U.S. can be accessed here.

What is the Consumer Price Index for the month of June 2024? ›

Year-on-year inflation rate based on All India Consumer Price Index (CPI) number is 5.08% (Provisional) for the month of June, 2024. Corresponding inflation rate for rural and urban is 5.66% and 4.39%, respectively. decreased as compared to May 2024.

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How much will the CPI increase in 12 months to June 2024? ›

Over the twelve months to the June 2024 quarter, the CPI rose 3.8%.

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What is the CPI expectation for June? ›

June CPI Report Highlights

The CPI is forecast to rise 0.1% in June after remaining flat in May. Core CPI is forecast to rise 0.2% in June after rising the same amount in May. The CPI year over year is forecast to rise 3.1% in June after rising 3.3% in May.

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What is the consumer forecast for 2024? ›

A slowdown in inflation will bolster retail volume growth by 6.7% in US dollar terms and 2% in volume terms in 2024.

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What is the current inflation rate for 2024? ›

Current US Inflation Rates: 2000-2024

Year	Jan	Jun
2024	3.1	3.0
2023	6.4	3.0
2022	7.5	9.1
2021	1.4	5.4

21 more rows

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What is the CPI prediction for July? ›

Economists at Bank of America predict a 0.3% month-over-month increase in consumer prices in July, “owing mainly to a pickup in core services inflation and energy prices,” resulting in an unchanged year-over-year rate of 3.0%. For Core CPI, they forecast a 0.2% monthly increase.

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What is the CPI W for 2024? ›

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 2.9 percent over the last 12 months to an index level of 308.501 (1982-84=100). For the month, the index increased 0.1 percent prior to seasonal adjustment.

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What is the CPI for the last 12 months? ›

Not seasonally adjusted CPI measures The Consumer Price Index for All Urban Consumers (CPI-U) increased 2.9 percent over the last 12 months to an index level of 314.540 (1982-84=100). For the month, the index increased 0.1 percent prior to seasonal adjustment.

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What is the projected CPI for June 2024? ›

The Headline CPI began at 2.3% in February 2020, fell to 5.1% in May 2020 and rose to 9.1% by June 2022, its highest level since the pandemic. It then fell to 3% by June 2023 due to the Energy sector's 1.6% MoM decline. The Headline CPI fell to 3% by June 2024.

Is CPI going up good or bad? ›

When the CPI is rising it means that consumer prices are also rising, and when it falls it means consumer prices are generally falling. In short, a higher CPI indicates higher inflation, while a falling CPI indicates lower inflation, or even deflation.

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Is The CPI index accurate? ›

It has often been criticized as not providing an accurate measure of either the prices of goods or the consumer buying habits of more suburban or rural areas.

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What is the RPI in June 2024? ›

RPI* inflation was 2.9% in June 2024 (Index: 387.3), slightly down from 3.0% in the year to May. CPIH inflation was 2.8% in June 2024 (Index: 133.0), unchanged from the May figure.

What is the prediction for CPI increase? ›

The monthly CPI indicator grew at 3.8% in June 2024 compared to 4.0% in May. Previous official forecasts suggested that CPI would reach 3.2% by the end of 2024, then continue to fall over the coming eighteen months.