Monthly Consumer Price Index Indicator, May 2024 (2024)

The monthly CPI indicator rose 4.0% in the 12 months to May, up from a 3.6% rise in the 12 months to April.

The annual movement for the monthly CPI indicator excluding volatile items and holiday travel was also 4.0% in May, down from 4.1% in April. This series excludes Automotive fuel, Fruit and vegetables and Holiday travel and accommodation.

Annual trimmed mean inflation was 4.4% in May, up from 4.1% in April.

Monthly CPI indicator, Australia, annual movement (%)
	Monthly CPI indicator (%)	Annual Trimmed mean (%)	Monthly CPI excluding volatile items* & holiday travel (%)
May-20	-0.2	1.3	0.6
Jun-20	-0.1	1.2	0.4
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

*Volatile items are Fruit and vegetables and Automotive fuel

Monthly CPI Indicator and Groups, Australia, annual movement (%)
	Dec-23 (%)	Jan-24 (%)	Feb-24 (%)	Mar-24 (%)	Apr-24 (%)	May-24 (%)
Monthly CPI indicator	3.4	3.4	3.4	3.5	3.6	4.0
Food & non-alcoholic beverages	4.0	4.4	3.6	3.5	3.8	3.3
Alcohol & tobacco	6.8	6.7	6.1	6.1	6.5	6.7
Clothing & footwear	-0.8	0.4	0.8	0.3	2.4	2.8
Housing	5.2	4.6	4.6	5.2	4.9	5.2
Furnishings, household equipment & services	-0.3	0.3	-0.3	0.1	-0.8	-1.1
Health	4.7	3.9	3.9	4.1	6.1	6.1
Transport	3.6	3.0	3.4	4.5	4.2	4.9
Communications	2.0	2.0	1.7	1.6	2.0	0.7
Recreation & culture	-2.4	-1.7	0.4	-0.6	-1.3	2.0
Education	4.7	4.7	5.1	5.2	5.2	5.2
Insurance & financial services	8.2	8.2	8.4	8.2	8.2	7.8

New dwellings and Rents

The annual rise in New dwelling prices remained steady at 4.9% in May, maintaining a consistent annual price growth of around 5% for the past ten months. This reflects builders continuing to pass on higher costs for labour and materials.

Rental prices increased 7.4% in the 12 months to May, down from 7.5% in April, with strong demand for rental properties amid tight rental markets continuing to drive rental price rises.

New dwellings and Rents, Australia, annual movement (%)
	Rents (%)	New dwelling purchase by own occupiers (%)
May-20	-1.2	0.6
Jun-20	-1.2	1.0
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

Electricity

Electricity prices rose 6.5% in the 12 months to May, up from a rise of 4.2% to April.

The increase in the annual movement this month is due to the gradual unwinding of the Energy Bill Relief Fund rebates. This led to a 1.4% rise in Electricity prices in monthly terms in May.

Electricity, Australia, monthly and annual movement (%)
	Monthly (%)	Annual (%)
May-23	-0.8	14.1
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

Energy Bill Relief Fund rebates introduced from July 2023 have moderated the increase in electricity bills for households across Australia.

Excluding the Energy Bill Relief Fund rebates, Electricity prices would have increased 14.5% in the 12 months to May 2024.

The following graph shows the Electricity series including and excluding government electricity rebates.

Electricity index, Australia, index number (May 2023 = 100.0)
	Excluding Government Electricity Rebates (Index)	Including Government Electricity Rebates (Index)
May-23	100	100
Jun-23	99	99
Jul-23	118	105
Aug-23	119	104(1)
Sep-23	119	104(2)
Oct-23	118	108
Nov-23	118	108(3)
Dec-23	117	102(4)
Jan-24	117	103(5)
Feb-24	117	102
Mar-24	117	107(6)
Apr-24	115	105
May-24	115	106(7)

(1)EBRF (a)↵
(2)EBRF (b)↵
(3)EBRF (c)↵
(4)EBRF (d)↵
(5)EBRF (e)↵
(6)EBRF (f)↵
(7)EBRF (g)↵

May 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.

Food and non-alcoholic beverages

Food and non-alcoholic beverage prices rose 3.3% in the 12 months to May, down from a rise of 3.8% to April. In recent months, annual inflation has eased for all food and non-alcoholic beverage categories, with the exception of Fruit and vegetables (+4.4%). This category recorded the largest annual rise since April 2023 due to higher prices for grapes, strawberries, blueberries, tomatoes, and capsic*ms.

Meat and seafood products recorded a partially offsetting fall (-0.6%) due to price falls for Lamb and goat (-11.4%) and Beef and veal (-3.3%) over the past 12 months.

Food and non-alcoholic beverages, Australia, annual movement (%)
	March (%)	April (%)	May (%)
Food and non-alcoholic beverages	3.5	3.8	3.3
Bread and cereal products	7.3	5.1	3.4
Meat and seafoods	-0.9	-0.6	-0.6
Dairy and related products	2.9	2.7	2.4
Fruit and vegetables	-1.2	3.5	4.4
Food products n.e.c.	4.0	4.2	4.0
Non-alcoholic beverages	5.5	2.8	3.8
Meals out & take away foods	5.4	5.4	4.2

Automotive fuel

Automotive fuel prices rose 9.3% in the 12 months to May 2024, up from 7.4% to April. The rise was driven by higher wholesale fuel prices in early 2024.

In monthly terms, Automotive fuel prices fell 5.1% in May following three consecutive monthly rises.

Automotive fuel, Australia, monthly and annual movement (%)
	Monthly (%)	Annual (%)
May-20	0.9	-26.1
Jun-20	9.1	-15.3
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

Insurance

Insurance prices rose 14.0% in the 12 months to May, down from a rise of 16.5% to April which was the highest annual rise since the beginning of the monthly CPI indicator. Higher reinsurance, natural disaster and claim costs continue to contribute to higher premiums for motor vehicle, house and home contents insurance over the last 12 months.

Holiday travel and accommodation

Holiday travel and accommodation prices rose 2.9% in the 12 months to May, following a fall of 6.2% to April. International holiday travel and accommodation was the main contributor to the annual rise this month. This is the first time the annual movement has been positive for Holiday travel and accommodation since October 2023.

In monthly terms, Holiday travel and accommodation prices fell 2.7% in May. The main contributor to the fall was Domestic holiday travel and accommodation (-6.6%) reflecting a typical fall for this month due to decreased demand following the end of the school holiday period.

Holiday travel and accommodation, Australia, monthly and annual movement (%)
	Monthly (%)	Annual (%)
May-20	-2	2.3
Jun-20	-0.4	-0.9
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

FAQs

Monthly Consumer Price Index Indicator, May 2024? ›

Contributors. The Consumer Price Index (CPI) remained unchanged in May on a seasonally-adjusted basis, following a 0.3% increase in April, as reported by the U.S. Bureau of Labor Statistics. The core reading, which excludes food and energy, came in at 3.4% year over year, down from last month's 3.6%.

What is the CPI prediction for May 2024? ›

On the basis of these inflation forecasts, average consumer price inflation should be 3.2% in 2024 and 2.0% in 2025, compared to 4.06% in 2023 and 9.59% in 2022.

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What is the monthly inflation rate for May 2024? ›

In May 2024, prices had increased by 3.3 percent compared to May 2023 according to the 12-month percentage change in the consumer price index — the monthly inflation rate for goods and services in the United States.

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What is the CPI index for May 2024? ›

The All-India CPI-IW for May, 2024 increased by 0.5 point and stood at 139.9 (one hundred thirty nine point nine). Year-on-year inflation for the month of May, 2024 moderated to 3.86% as compared to 4.42% in May, 2023.

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What is the CPI rate for 2024? ›

Index reference base 2011–12

Year	31 March	30 June
2024	137.4	138.8
2023	132.6	133.7
2022	123.9	126.1
2021	117.9	118.8

36 more rows

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What is the headline inflation rate for May 2024? ›

Headline consumer price index (CPI) for all urban areas

In May 2024, the annual inflation rate of goods was 5,7%, unchanged from April 2024; and for services, it was 4,7%, up from 4,6% in April 2024. Note: Not all items in the CPI are surveyed every month.

What is the projection for the CPI in June 2024? ›

Consumer Price Index (CPI) for June 2024 is Projected to Rise 3.1% Year-Over-Year.

What is the CPI of May? ›

Year-on-year inflation rate based on all India Consumer Price Index (CPI) number is 4.75% (Provisional) for the month of May, 2024. Corresponding inflation rate for rural and urban is 5.28% and 4.15%, respectively. All India inflation based on General CPI is lowest for the month of May 2024 after May 2023.

What is the CPI in June 2024? ›

In June 2024, Core CPI rose 3.3% YoY and headline CPI rose 3% YoY. Core Services rose 3%, Core Goods fell 0.4%, Food rose 0.3% and Energy rose 0.1%.

What is the CPI projection for May? ›

May CPI Report Highlights

The CPI year over year is forecast to rise to 3.4% in May after rising the same amount in April. Core CPI year over year is forecast to rise 3.5% in May after rising 3.6% in April.

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What is a good CPI? ›

Nowadays, CPI serves as the main indicator of inflation and helps the national central bank to adjust its monetary policy in accordance with their inflation targets. A consistent level of inflation (i.e., 2%) is considered healthy for a steady economic growth.

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What is the inflation rate in May 2024? ›

Inflation pulled back in May 2024. The consumer price index declined to a 3.3% annual rate, down from 3.4% in April. Prices have eased for consumer staples such as gasoline and groceries. Housing inflation has been stubbornly high, though it's falling slowly.

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What is CPI for April 2024? ›

The Consumer Prices Index (CPI) rose by 2.3% in the 12 months to April 2024, down from 3.2% in the 12 months to March. On a monthly basis, CPI rose by 0.3% in April 2024, compared with a rise of 1.2% in April 2023.

What is expected CPI for March 2024? ›

The United States City Average Consumer Price Index (CPI-U) for March 2024 was 312.332 — representing a change of 3.5 percent over the index for March 2023. The Northeast Area Consumer Price Index for March 2024 was 321.741 — representing a change of 3.4 percent over the index for March 2023.

What are the CPI expectations for May? ›

Economists expect that the overall CPI rose 0.1% on a monthly basis in May, according to FactSet's consensus estimates, compared with a 0.3% increase the previous month. That would hold the overall annual inflation rate steady at 3.4%. Meanwhile, economists expect core CPI to rise 0.3% for May, the same as in April.

What is the next CPI estimate? ›

Next Release

August 2024 CPI data are scheduled to be released on September 11, 2024, at 8:30 A.M. Eastern Time.

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What is the CPI W for 2024? ›

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 2.9 percent over the last 12 months to an index level of 308.501 (1982-84=100). For the month, the index increased 0.1 percent prior to seasonal adjustment.

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What is the prediction for CPI increase? ›

The monthly CPI indicator grew at 3.8% in June 2024 compared to 4.0% in May. Previous official forecasts suggested that CPI would reach 3.2% by the end of 2024, then continue to fall over the coming eighteen months.

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