Monthly Consumer Price Index Indicator, July 2024 (2024)

The monthly CPI indicator rose 3.5% in the 12 months to July, down from a 3.8% rise in the 12 months to June.

The annual movement for the monthly CPI indicator excluding volatile items and holiday travel was 3.7% in July, down from a 4.0% rise in June. This series excludes Automotive fuel, Fruit and vegetables and Holiday travel and accommodation.

An alternative measure of underlying inflation is the trimmed mean, which reduces the impact of irregular or temporary price changes in the CPI. The annual trimmed mean movement was 3.8% in July, down from 4.1% in June.

The annual rise in New dwelling prices was 5.0%, down from 5.4% in June, maintaining the trend of annual price growth of around 5% since August 2023. This reflects builders passing on higher costs for labour, while prices for building materials remain high.

Rental prices increased 6.9% in the 12 months to July, down from the 7.1% increase in June. Rental price growth remains high due to a tight rental market reflected by low vacancy rates in most capital cities.

Electricity prices fell 5.1% in the 12 months to July, down from a 7.5% rise in June.

The introduction of 2024-25 Commonwealth Energy Bill Relief Fund (EBRF) rebates and State government rebates in Western Australia, Queensland and Tasmania from July drove the fall.

Households in Queensland and Western Australia received the first instalment of Commonwealth EBRF rebate from July 2024. Households in the remaining capital cities will receive their first rebate instalment from August 2024.

In addition to the Commonwealth rebates, electricity bills in Queensland, Western Australia and Tasmania reduced further in July 2024 due to the introduction of $1,000 Cost of Living rebate in Queensland, the first instalment of $400 energy rebate in Western Australia and the $250 Renewable Energy Dividend payment in Tasmania.

Altogether, these rebates led to a 6.4% fall in the month of July. Excluding the rebates, Electricity prices would have risen 0.9% in July.

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.
• h) Introduction of the first instalment of 2024-25 Commonwealth rebates for all households in QLD and WA, and State rebates in QLD, WA and TAS.

Gas prices rose 2.7% in the twelve months to July, up from a fall of 0.6% in the twelve months to June. The rise is due to annual price reviews in July 2024, reflecting higher network and wholesale gas prices.

In monthly terms, Gas prices rose 5.7% in July, due to annual price reviews, which typically apply from 1 July.

Food and non-alcoholic beverage prices rose 3.8% in the 12 months to July, up from a rise of 3.3% in June. The main drivers were Fruit and vegetables (+7.5%) and Food products n.e.c. (+4.3%). Fruit and vegetables recorded the largest annual rise since December 2022 due to higher prices for strawberries, grapes, broccoli and cucumbers.

Dairy and related products recorded a partially offsetting fall of 0.2%, due to price falls for cheese over the past 12 months.

Holiday travel and accommodation prices rose 0.2% in the 12 months to July, following a fall of 0.7% in the 12 months to June.

In monthly terms, Holiday travel and accommodation prices fell 2.4% in July. The main contributor to the fall was International holiday travel (-4.8%), with prices easing following high demand for holiday travel to Europe in June.