Monthly Consumer Price Index Indicator, April 2024 (2024)

The monthly CPI indicator rose 3.6% in the 12 months to April, following a 3.5% rise in the 12 months to March.

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

Annual trimmed mean inflation was 4.1% in April, up slightly from 4.0% in March.

New dwelling prices rose 4.9% in the 12 months to April, maintaining a consistent annual price growth of around 5% for the past nine months. The increase in New dwelling prices reflects builders continuing to pass on higher costs for labour and materials.

Rental prices increased 7.5% in the 12 months to April, down from 7.7% in March, which continues to reflect strong demand for rental properties and tight rental markets.

In monthly terms, rental prices rose 0.5% in April, down from a 0.6% rise in March. Commonwealth Rent Assistance (CRA) increased from 20 March 2024, which has the effect of reducing rents for eligible tenants. March included a partial impact of the CRA changes with the remaining impact of the CRA changes reflected in April. Excluding the CRA increases in March and April, Rents would have risen by 0.7% in both months.

Electricity prices rose 4.2% in the 12 months to April, down from a rise of 5.2% to March.

The fall in annual growth is due to the introduction of the second instalment of the Energy Bill Relief Fund rebates for eligible households in Hobart this month. This led to a 1.9% fall in Australia level Electricity prices in monthly terms.

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 13.9% in the 12 months to April 2024.

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

April 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 beverage prices rose 3.8% in the 12 months to April, up from a rise of 3.5% to March, mainly due to a rise in Fruit and vegetable prices following an annual fall of 1.2% to March.

Food products n.e.c. (+4.2%), Bread and cereal products (+5.1%) and Non-alcoholic beverages (+2.8%) also contributed to the rise. Meat and seafood products recorded a partially offsetting fall (-0.6%) due to large price falls for Lamb and goat over the last 12 months (-12.5%).

Automotive fuel prices rose 7.4% in the 12 months to April, down from a rise of 8.1% to March. The rise was driven by higher wholesale fuel prices.

In monthly terms, Automotive fuel prices rose 2.2% in April, the third consecutive monthly rise.

Health rose 6.1% in the 12 months to April, up from 4.1% in the 12 months to March.

Medical and hospital services is the main contributor to the rise, with a 7.3% annual rise in April following a 4.6% rise in March. The added strength this month reflects a rise in health insurance premiums which increased on 1 April.

Holiday travel and accommodation prices fell 6.2% in the 12 months to April, following a fall of 3.9% to March.

In monthly terms, Holiday travel and accommodation prices rose 4.6% in April, the first monthly rise since December 2023. The main contributor to the rise was International holiday travel and accommodation reflecting higher demand for international travel over the Easter and school holiday periods.