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The copyright in the way. City of Adelaide economic profile. South Australia Consumer Price Index. During the same period, the CPI for the eight capital cities in Australia decreased How and where are CPI prices collected? How are transactions data used in the CPI? How is the CPI calculated? How is the CPI reviewed? Why are there quality adjustments in the CPI? How are taxes treated in the CPI? How are subsidies treated in the CPI?
How do I read or interpret a price index? How can I use a price index to calculate the change in prices between any two points in time?
How do I calculate changes in the CPI between calendar or financial years? What index should I use for contract escalation? Can I compare price levels using price indexes? How was child care calculated in September quarter and June quarter ? Is the CPI seasonally adjusted? What is the difference between the "headline inflation" and the "underlying inflation" reported in the media? The ABS previously published average retail prices for selected items for each capital city.
Why are they no longer available? What information is published with the CPI? What if I want more detailed information? What are some limitations of the CPI? Will the CPI be updated in the future? How can I get information on the CPI? A CPI is a measure of the average change over time in the prices paid by households for a fixed basket of goods and services. The headline CPI numbers, percentage change from the previous quarter, and percentage change from corresponding quarter of the previous year, for the weighted average of eight capital cities can be found in the Main Features, Consumer Price Index, Australia cat.
These detailed tables are available as Microsoft Excel time series spreadsheets, and summarised in the Adobe Acrobat pdf file. The CPI affects almost all Australians because of the many ways it is used. It is primarily used as a macro-economic indicator by the government and economists to monitor and evaluate levels of inflation in the Australian economy, and for adjusting dollar values of types of fixed payments, such as pensions and contracts.
The CPI was first compiled in with the series extending back to the September quarter The CPI was preceded by five series of retail price indexes compiled by the then Commonwealth Bureau of Census and Statistics as far back as The C Series Index, which began in , was the principal retail price index in Australia prior to the introduction of the CPI in The introduction of the CPI heralded a change in the approach to measuring retail price movements.
Rather than compiling a set of discrete fixed-weighted indexes, the objective became to produce a series of short-term fixed-weighted indexes that were to be regularly linked together to provide a single continuous measure of price change. This strategy was adopted to ensure that, at any point in time, the weighting patterns and item coverage of the CPI were relevant to user requirements and reflected contemporary economic conditions as well as possible.
The CPI now comprises seventeen linked indexes. The CPI originally consisted of weights from Weights were updated in and subsequently in , , , , , , , , , , , , , and From the CPI weights will be updated annually.
For the 13th series CPI in it was decided that the CPI would change from a measure of the change in living costs of employee households to a general measure of price inflation for the household sector.
Consequently the population coverage was expanded from wage and salary earner households to include all metropolitan households. Rents across the other capital cities continue to rise, reflecting low vacancy rates in those cities. These vouchers reduced the out-of-pocket costs for consumers, hence fewer vouchers being redeemed resulted in a price rise in the September quarter. Fruit Reduced demand for produce from the food service industry during lockdowns also resulted in increased supply and lower prices for households.
In seasonally adjusted terms, the group rose 0. Over the past twelve months, the group rose 1. Over the past twelve months, the group fell 3. The main contributor was Garments for women New dwelling purchase by owner-occupiers rose 3.
This is the largest rise since the September quarter driven by substantial increases in base prices in all capital cities. Continuing strong demand for housing construction enabled builders to pass through increases in costs for both materials and labour.
The following graph shows the new dwellings series including and excluding government housing construction grants. Over the past twelve months the group rose 1. This group includes household goods and furnishings and services provided to households, including childcare.
In seasonally adjusted terms the group rose 0. Over the past twelve months the group rose 6. The main contributor was Childcare due to the unwinding of free childcare introduced last year. Excluding the impact of Childcare, the group would have risen 1. There were also general price rises for both hospital and out of hospital services, such as GPs and allied health services. Pharmaceutical products offset the rise In seasonally adjusted terms the group rose 1. Over the past twelve months the group rose 4.
Automotive fuel rose 7. The Automotive fuel series reached record levels, surpassing the previous high set in the March quarter. Motor vehicles rose 1. Over the past twelve months the group rose Over the past twelve months the group rose 2. The tradables and non-tradables series measure the contribution of goods and services that are highly exposed to international trade influences tradables , and those that are mostly influenced by domestic factors non-tradables , to overall household inflation.
Examples of tradables include automotive fuel, most food items, and clothing and footwear. Examples of non-tradables include housing and education. In seasonally adjusted terms, the tradables component of the All groups CPI rose 0.
The Trimmed mean and the Weighted median provide measures of underlying inflation. These measures reduce the impact of irregular or temporary price changes in the CPI. Over the past twelve months to the September quarter, the Trimmed mean rose 2. Over the past twelve months, the Weighted median rose 2.
Seasonal adjustment is the process by which regular, calendar related effects are removed from the original series. A detailed explanation of the seasonal adjustment of the All Groups CPI and calculation of the trimmed mean and weighted median measures is available in Information Paper: Seasonal Adjustment of Consumer Price Indexes, cat. One of the most common measures of inflation and its effect on the average consumer is the Consumer Price Index, or CPI.
CPI measures the average change over time in the prices paid by households for a fixed basket of goods and services. In Australia, the CPI is calculated by the Australian Bureau of Statistics ABS and published once a quarter, with its principal purpose to measure inflation faced by households in order to support macro-economic policy decision making. In other words, to help the RBA manage the economy. According to the ABS , the basket of goods and services contains representative items actually acquired by households.
The actual items priced for the CPI basket are determined based on a number of factors. Almost , separate price quotations are used in the calculation of the CPI each quarter.
This data is collected in a variety of ways, from ABS staff to transaction and administrative data. The changes in price of these goods and services are then combined with actual expenditure data from Australian households to calculate the overall price change in the quarter.
Other price indexes produced by the ABS are suited to different parts of the economy; for example, the Selected Living Cost Indexes SLCIs are designed to measure changes in living costs for selected population sub-groups, while the Wage Price Index WPI measures changes in the price of labour in the Australian market.
As it turns out, the RBA actually has an inflation target range of per cent. High inflation, of course, can be detrimental in a number of ways.
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