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.
| Monthly CPI indicator (%) | Annual Trimmed mean (%) | Monthly CPI excluding volatile items* & holiday travel (%) | |
|---|---|---|---|
| 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 |
| Jul-24 | 3.5 | 3.8 | 3.7 |
*Volatile items are Fruit and vegetables and Automotive fuel
| Feb-24 (%) | Mar-24 (%) | Apr-24 (%) | May-24 (%) | Jun-24 (%) | Jul-24 (%) | |
|---|---|---|---|---|---|---|
| Monthly CPI indicator | 3.4 | 3.5 | 3.6 | 4.0 | 3.8 | 3.5 |
| Food & non-alcoholic beverages | 3.6 | 3.5 | 3.8 | 3.3 | 3.3 | 3.8 |
| Alcohol & tobacco | 6.1 | 6.1 | 6.5 | 6.7 | 6.9 | 7.2 |
| Clothing & footwear | 0.8 | 0.3 | 2.4 | 2.8 | 3.6 | 1.9 |
| Housing | 4.6 | 5.2 | 4.9 | 5.2 | 5.5 | 4.0 |
| Furnishings, household equipment & services | -0.3 | 0.1 | -0.8 | -1.1 | -1.1 | -0.9 |
| Health | 3.9 | 4.1 | 6.1 | 6.1 | 5.3 | 5.3 |
| Transport | 3.4 | 4.5 | 4.2 | 4.9 | 4.2 | 3.4 |
| Communications | 1.7 | 1.6 | 2.0 | 0.7 | 1.0 | 1.9 |
| Recreation & culture | 0.4 | -0.6 | -1.3 | 2.0 | 0.6 | 1.1 |
| Education | 5.1 | 5.2 | 5.2 | 5.2 | 5.6 | 5.6 |
| Insurance & financial services | 8.4 | 8.2 | 8.2 | 7.8 | 6.4 | 6.4 |
New dwellings and Rents
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.
| Rents (%) | New dwelling purchase by own occupiers (%) | |
|---|---|---|
| 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 |
| Jul-24 | 6.9 | 5.0 |
Electricity
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.
Commonwealth $300 rebate | WA $400 state rebate | QLD $1,000 state rebate | TAS $250 state rebate (Renewable Energy Dividend) | |
|---|---|---|---|---|
| Rebate method | Applied directly to electricity bills as four equal $75 quarterly instalments in the 2024-25 FY (a) | Applied directly to electricity bills as two equal $200 instalments from July and December 2024 | Applied directly to electricity bills as a one-off $1,000 rebate. Where the rebate amount exceeds the average bill size, the residual amount is treated as a credit and applied to the next quarterly bill. | Applied directly to electricity bills as a one-off $250 rebate |
| Timing | From July 2024 for WA and QLD. For all remaining States and Territories, from August 2024. (b) and (c) | From July 2024 (c) | From July 2024 | From July 2024 |
(a) This applies to all States and Territories, except WA, where rebates will be applied directly to electricity bills as two equal $150 instalments from July 2024 and December 2024.
(b) For States and Territories receiving rebates from August, those households whose billing cycle is in July 2024 will receive two instalments in October 2024.
(c) In Western Australia, the first instalment of both Energy Bill Relief Fund 2024-25 and $400 Electricity Credit will be paid from 20 July 2024. The remaining proportion of households whose billing cycle is in July 2024 will receive their first instalment in October 2024.
| 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 |
| Jul-24 | -6.4 | -5.1 |
The following graph shows the Electricity series including and excluding government electricity rebates from when the EBRF rebates were first introduced in July 2023. In July 2024 the EBRF rebates were extended and expanded to all households. This month also saw the introduction of State government rebates in Queensland, Western Australia and Tasmania. These rebates have had the effect of reducing electricity costs for households. Excluding these rebates, electricity costs for households would have increased 16.5% since June 2023.
| 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) |
| Jul-24 | 117 | 101 |
- (1)EBRF (a)↵
- (2)EBRF (b)↵
- (3)EBRF (c)↵
- (4)EBRF (d)↵
- (5)EBRF (e)↵
- (6)EBRF (f)↵
- (7)EBRF (g)↵
- EBRF (h)
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 and other household fuels
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 beverages
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.
| May (%) | June (%) | July (%) | |
|---|---|---|---|
| Food and non-alcoholic beverages | 3.3 | 3.3 | 3.8 |
| Bread and cereal products | 3.4 | 3.4 | 4.4 |
| Meat and seafoods | -0.6 | -0.2 | 0.2 |
| Dairy and related products | 2.4 | 1.6 | -0.2 |
| Fruit and vegetables | 4.4 | 3.6 | 7.5 |
| Food products n.e.c. | 4.0 | 3.7 | 4.3 |
| Non-alcoholic beverages | 3.8 | 6.1 | 4.9 |
Automotive fuel
Automotive fuel prices rose 4.0% in the 12 months to July, down from the increase of 6.6% for the year to June. In monthly terms, Automotive fuel prices fell 2.6% in July.
| Monthly (%) | Annual (%) | |
|---|---|---|
| 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 |
| Jul-24 | -2.6 | 4.0 |
Holiday travel and accommodation
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.
| Monthly (%) | Annual (%) | |
|---|---|---|
| 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 |
| Jul-24 | -2.4 | 0.2 |
