Consumer Price Index: OECD Groups: Services: Total for Australia
AUSCPGRSE01GPQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.04
Year-over-Year Change
-55.08%
Date Range
10/1/1974 - 7/1/2023
Summary
The Consumer Price Index: OECD Groups: Services: Total for Australia measures changes in the prices of services purchased by Australian consumers. This key economic indicator provides insights into inflationary pressures and consumer spending patterns.
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
This index tracks the prices of a basket of services consumed by Australian households, including housing, utilities, transportation, recreation, and other service categories. Economists and policymakers use this data to monitor inflation, guide monetary policy decisions, and assess the overall health of the Australian economy.
Methodology
The Australian Bureau of Statistics collects price data from a sample of service providers across the country to calculate this index.
Historical Context
The Reserve Bank of Australia closely monitors this index as part of its mandate to maintain price stability and support full employment.
Key Facts
- Australia's CPI for services reached a high of 118.1 in March 2023.
- The services component accounts for over 60% of the total CPI basket in Australia.
- Inflation in Australian services has outpaced overall CPI in recent years.
FAQs
Q: What does this economic trend measure?
A: The Consumer Price Index for Services in Australia measures changes in the prices of a basket of services purchased by Australian consumers, including housing, utilities, transportation, recreation, and other categories.
Q: Why is this trend relevant for users or analysts?
A: This index provides important insights into inflationary pressures and consumer spending patterns in the Australian economy, which is crucial information for policymakers, businesses, and individuals.
Q: How is this data collected or calculated?
A: The Australian Bureau of Statistics collects price data from a sample of service providers across the country to calculate this index.
Q: How is this trend used in economic policy?
A: The Reserve Bank of Australia closely monitors this index as part of its mandate to maintain price stability and support full employment, using it to guide monetary policy decisions.
Q: Are there update delays or limitations?
A: The index is published monthly with a lag of approximately one month, and the data may be subject to revisions over time.
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Citation
U.S. Federal Reserve, Consumer Price Index: OECD Groups: Services: Total for Australia (AUSCPGRSE01GPQ), retrieved from FRED.