The latest ABS data, out today shows that the Consumer Price Index (CPI) rose 0.4 per cent in the March quarter 2018, the latest Australian Bureau of Statistics (ABS) figures reveal. This follows a rise of 0.6 per cent in the December quarter 2017.
The CPI rose 1.9 per cent through the year to the March quarter 2018 having increased 1.9 per cent through the year to the December quarter 2017. Housing was more than 3% over the past year and health costs more than 4%.
The most significant price rises this quarter are secondary education (+3.3%), gas and other household fuels (+6.0%), pharmaceutical products (+5.6%), vegetables (+3.7%) and medical and hospital services (+1.5%). These price rises were partially offset by falls in international holiday travel and accommodation (-2.4%), audio, visual and computing media and services (-6.1%) and furniture (-2.8%).
Looking across the states, the 1.9% average masks significant variations, with Sydney and Melbourne above 2% and Canberra 2.4%.
For the March quarter 2018, the All Groups annual percentage change of the Weighted Average of the Eight Capital Cities is +1.9 per cent. Sydney rose 2.1 per cent, Melbourne rose 2.2 per cent, Brisbane rose 1.7 per cent, Adelaide rose 2.3 per cent, Perth rose 0.9 per cent, Hobart rose 2.0 per cent, Darwin rose 1.1 per cent, and Canberra rose 2.4 per cent.
We think “real life” prices increases are significantly higher, due to the impact of housing and health costs in particular.
