Australian Melbourne Institute Inflation Gauge for December 2024:
0.6% m/m, the largest jump higher in a year
- prior 0.2%
- trimmed mean +0.4% m/m, highest since March 2024
2.6% y/y
AUD is little changed. Around 0.6155.
***
The Australian Melbourne Institute Inflation Gauge is an independent, monthly measure of inflation in Australia. It is designed to provide an early indicator of price trends before the official quarterly inflation data is released by the Australian Bureau of Statistics (ABS).
Key Differences
| Feature | Melbourne Institute Inflation Gauge | ABS CPI |
|---|---|---|
| Frequency | Monthly | Quarterly |
| Timeliness | Early in the following month | Several weeks after quarter-end |
| Coverage | Similar to CPI but less comprehensive | Nationally representative, broader scope |
| Purpose | Early indicator of inflation trends | Official inflation measure |
| Weighting | Independent methodology | Based on detailed household expenditure |
| Use in Policy | Informal, for market/business insights | Official, used in RBA policy decisions |
It also leads the monthly Australian Bureau of Statistics CPI data. For example, the ABS December month data is due on January 29.
