Longest Period In Band On Record For Monthly Inflation
New figures from the ABS show that headline and underlying inflation remained in the Reserve Bank of Australia’s target band in April.
Today’s result is another demonstration of the substantial and sustained progress we have made on inflation.
Headline inflation was 2.4 per cent through the year to April 2025, unchanged from March.
Annual Trimmed Mean inflation was 2.8 per cent.
Monthly headline inflation has been in the band for nine consecutive months and underlying inflation has been in the band for five consecutive months.
We know that these monthly numbers are volatile and can bounce around but the direction of travel on inflation is clear.
Another month of CPI in the band is a welcome and encouraging sign that inflation is moderating sustainably.
This is the longest period that both headline and underlying inflation have been in the band since the monthly inflation series began in 2018.
Under Labor, inflation is down substantially, real wages are up, unemployment is low, our economy is growing, debt is down and interest rates are falling.
On the official quarterly numbers, the March quarter was the first time since records began that unemployment has been in the low 4s and headline and underlying inflation have both been in the target band.
Today’s data is more evidence we are in better shape to face the uncertainty in the global economy than almost any other advanced economy with inflation rising recently in countries like the UK and Japan.
Electricity prices fell 6.5 cent in the year to April but would have risen 1.5 per cent without the energy rebates for every household we are rolling out with the states.
Rents rose 5.0 per cent in the year but would have increased 6.1 per cent without the recent increases to Commonwealth Rent Assistance.
Even with this substantial progress and two interest rate cuts in three months, we know people are still under pressure and we face global economic headwinds.
That’s why the Albanese Government’s economic strategy has been all about getting on top of inflation while maintaining the gains in the labour market and ensuring the economy continues to grow.
All of the progress that Australians have made together means that we are well placed and well prepared for heightened uncertainty and volatility in the global economy.
https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/longest-period-band-record-monthly-inflation