Consumer Price Index: Alcoholic Beverages, Tobacco and Narcotics (COICOP 02): Total for Australia
AUSCP020000GPQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.44
Year-over-Year Change
-12.39%
Date Range
10/1/1972 - 7/1/2023
Summary
The Consumer Price Index (CPI) for Alcoholic Beverages, Tobacco and Narcotics in Australia measures the changes in prices paid by consumers for these products. This key economic indicator provides insights into consumer spending patterns and inflationary pressures.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The CPI for Alcoholic Beverages, Tobacco and Narcotics in Australia is a subcomponent of the overall CPI, which is a widely used measure of inflation. It tracks the price changes of a basket of these consumer goods and services over time, helping policymakers and analysts understand trends in household consumption and the broader economy.
Methodology
The data is collected through regular surveys of retailers and service providers across Australia.
Historical Context
This CPI subindex is closely monitored by the Reserve Bank of Australia and other economic institutions to assess inflationary dynamics and consumer behavior.
Key Facts
- Australia's CPI for Alcoholic Beverages, Tobacco and Narcotics reached a record high in 2022.
- Prices in this category have risen faster than the overall CPI in recent years.
- Alcohol and tobacco taxes are a significant source of government revenue in Australia.
FAQs
Q: What does this economic trend measure?
A: The Consumer Price Index (CPI) for Alcoholic Beverages, Tobacco and Narcotics in Australia measures the changes in prices paid by consumers for these products.
Q: Why is this trend relevant for users or analysts?
A: This CPI subindex provides insights into consumer spending patterns and inflationary pressures, which are closely monitored by policymakers and analysts to assess the broader economic conditions.
Q: How is this data collected or calculated?
A: The data is collected through regular surveys of retailers and service providers across Australia.
Q: How is this trend used in economic policy?
A: The Reserve Bank of Australia and other economic institutions use this CPI subindex to assess inflationary dynamics and consumer behavior, which informs their policy decisions.
Q: Are there update delays or limitations?
A: The CPI data is released on a regular schedule, with potential lags due to the time required for data collection and processing.
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Citation
U.S. Federal Reserve, Consumer Price Index: Alcoholic Beverages, Tobacco and Narcotics (COICOP 02): Total for Australia (AUSCP020000GPQ), retrieved from FRED.