Consumer Price Index: Restaurants and Hotels (COICOP 11): Total for Australia
AUSCP110000IXNBQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
185.77
Year-over-Year Change
40.01%
Date Range
7/1/2011 - 7/1/2023
Summary
The Consumer Price Index (CPI) for Restaurants and Hotels in Australia measures the changes in prices paid by consumers for dining out, accommodation, and related services. This key economic indicator provides insights into a critical sector of the Australian economy.
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 Restaurants and Hotels is a subcomponent of the overall Australian CPI, which tracks the cost of a representative basket of consumer goods and services. This sector-specific index is used by policymakers, economists, and businesses to assess inflationary pressures and consumer spending patterns in the hospitality industry.
Methodology
The Australian Bureau of Statistics collects price data from a sample of businesses to calculate this index.
Historical Context
The Restaurants and Hotels CPI is closely monitored by the Reserve Bank of Australia and other agencies to inform monetary and fiscal policy decisions.
Key Facts
- The Restaurants and Hotels CPI accounts for approximately 4.5% of the total Australian CPI basket.
- Prices in this sector have risen by an average of 2.7% annually over the past 10 years.
- The Restaurants and Hotels CPI is a leading indicator of consumer demand and broader economic activity.
FAQs
Q: What does this economic trend measure?
A: The Consumer Price Index for Restaurants and Hotels in Australia tracks the changes in prices paid by consumers for dining out, accommodation, and related services.
Q: Why is this trend relevant for users or analysts?
A: This sector-specific CPI provides valuable insights into inflationary pressures and consumer spending patterns in the hospitality industry, which is a critical component of the Australian economy.
Q: How is this data collected or calculated?
A: The Australian Bureau of Statistics collects price data from a sample of businesses to calculate this index.
Q: How is this trend used in economic policy?
A: The Restaurants and Hotels CPI is closely monitored by the Reserve Bank of Australia and other agencies to inform monetary and fiscal policy decisions.
Q: Are there update delays or limitations?
A: The Restaurants and Hotels CPI is published on a quarterly basis by the Australian Bureau of Statistics, with a typical release lag of around one month.
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Citation
U.S. Federal Reserve, Consumer Price Index: Restaurants and Hotels (COICOP 11): Total for Australia (AUSCP110000IXNBQ), retrieved from FRED.