Inflation in Australia - statistics & facts

Australia, like the rest of the world, is experiencing soaring inflation rates and a rising cost of living. The COVID-19 pandemic hit the world by storm, bringing with it an economic downturn and causing financial uncertainty for many Australians left without a reliable source of income. Fast forward a couple of years, multiple lockdowns, border closures, and then the loosening of restrictions and the reopenings that followed, Australians were looking forward to a year of ‘new normal’ in 2022.

Come 2022, the Russian invasion of Ukraine coupled with global supply chain shortages was enough to send inflation rates around the world soaring. Add in the ongoing effects of natural disasters in Australia, and many Australians have been left struggling financially. Across the globe, consumer prices and the cost of living are rising, and wage growth is failing to keep up, making it more and more difficult for households to make ends meet. In the December quarter of 2022, inflation in Australia reached 7.8 percent, the fastest recorded increase in over 30 years.

How climate disasters are hitting the hip pocket nerve

A visit to the supermarket is costing consumers more and more. Not only have groceries and household products become more expensive, but with fuel prices surging, so has the car trip itself. Inflation has hit supermarkets hard; the rising cost of groceries has surprised many Australians. In Australia, ongoing flooding and climate disasters have destroyed crops, causing produce shortages and price hikes across the nation. As a result of a nationwide lettuce shortage in the first half of 2022, multinational fast food chain KFC came under criticism for using a ‘lettuce and cabbage blend’ in products that were previously made with just lettuce. The risk of future natural disasters in the country remains high, as Australians brace to protect not only their finances but also their homes and families.

Dealing with the inevitable

While some people are deliberately missing bill payments or mortgage repayments to deal with the rising cost of living, others have employed an array of methods to keep unnecessary costs down and diversify their income streams. Canceling subscriptions, buying cheaper brands, and ‘upcycling’ are just some of the ways people can save a few dollars. Millennials in Australia are particularly savvy when it comes to second-hand product sales in Australia, recently recording average earnings of around seven thousand dollars in Gumtree sales.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Mar 16, 2023

Key insights

CPI inflation rate
7.8%
IPI inflation rate
14.9%
Worldwide CPI inflation rate
9.22%
Get more insights

Editor’s Picks Current statistics on this topic

Annual change in the Consumer Price Index (CPI) in Australia from Q1 2013 to Q4 2022

Economy

Annual change in the CPI in Australia 2013-2022

Rent price index in Australia from 2nd quarter 2018 to 2nd quarter 2023

Houses

Quarterly rent price index Australia 2018-2023

Annual wage growth rate in Australia from Q1 2000 to Q1 2023

Wages & Salaries

Annual wage growth Australia 2000-2023

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Inflation in Africa
Inflation in New Zealand
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