After the Reserve Bank chairman was mocked in Switzerland, inflation statistics would be gathered every month.
The Australian Bureau of Statistics will issue a new monthly CPI document on Tuesday.
Australia’s top statistician David Gruen said this will enable the government respond faster to price shocks, with inflation rising at the quickest rate in three decades.
This new monthly CPI Indicator would better track inflation in Australia, he added.
The monthly CPI Indicator helps predict inflation in times of considerable change.
Philip Lowe, governor of the Reserve Bank of Australia, was laughed at in June when he said Australia only issued inflation statistics every three months.
Dr. Lowe mentioned our CPI is only accessible quarterly, which is a negative difference.
“You laugh too?”
US, UK, and Canada post monthly inflation statistics, while Australia and New Zealand just quarterly.
ABS began in 1949.
Along with September quarter inflation figures, a monthly consumer price index will be released on October 26.
Australia’s headline inflation rate in the year to June jumped 6.1%, the highest rate since 1990 when the GST introduction in 2000 and 2001 was removed.
Treasury and the RBA estimate inflation to exceed 7.75% by the end of 2022 and continue above 2% to 3% until 2024.
Russia’s invasion of Ukraine in February pushed average gasoline prices over $2 a litre for the first time.
Josh Frydenberg halved gasoline tax to 22.1 cents a litre in the March budget, costing $3billion before the May election.
Jim Chalmers won’t prolong the reduction, therefore excise will rise to 44.2 cents a litre on September 28.
A return to the former excise tax rate would increase fuel costs by 9%, with average bowser prices of $2 a litre forecast for October 2022 to June 2023.
Ms. Allen stated that although petrol prices rose 32.1% in the year to June, she anticipated the September quarter inflation figures to show a 5% drop in retail gasoline costs, mostly covering the time before excise climbed again.
Sydney’s average unleaded price is 162.7 cents a litre, compared to Melbourne’s 165.8, Brisbane’s 163.1, Adelaide’s 173.7, Perth’s 160.3, Hobart’s 189, Darwin’s 195.8 and Canberra’s 196.1 cents a litre.
CommSec, the Commonwealth Bank’s online share trading arm, says a family fills their vehicle for $243 a month, significantly below the record high of $297.50 in March.
Before Russia’s invasion, it cost $21 a month less.