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    Monthly CPI indicator up 7.4% in the year to January

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    The monthly Consumer Price Index (CPI) indicator rose 7.4% in the year to January 2023, according to the latest data from the Australian Bureau of Statistics (ABS).

    ABS Head of Prices Statistics, Michelle Marquardt says "This month's annual increase is lower than the 8.4% rise for the year to December 2022. It is, however, the second highest annual increase since the start of the monthly CPI indicator series in September 2018, signifying ongoing high inflation." 

    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%).

    Ms Marquardt says, “The annual increase for the Housing group in January was lower than December (+10.1%). The key contributors to this change were New dwellings and Rents."

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