The Inflation Gauge recorded higher prices for January, in addition to a rise in the cost of living

The Inflation Gauge recorded higher prices for January, in addition to a rise in the cost of living. Following on from last week’s ABS Cost of Living data for the December quarter (which showed a rising cost of living for employees), January’s Monthly Inflation Gauge and Cost of Living report shows that the cost of living of employees increased further in January, and is now well above that of the other selected household types.

The Melbourne Institute Monthly Inflation Gauge is designed to provide a timely and accurate monthly measure of inflation in Australia. Based on the ABS methodology for calculating the quarterly consumer price index, the Melbourne Institute Monthly Inflation Gauge estimates month-to-month price movements for a wide-ranging basket of goods and services across the main capital cities of Australia.

The Melbourne Institute Monthly Cost of Living Indexes account for changes in mortgage rates, which are not part of the inflation measure. The indexes are computed for five household types (age pensioners, pensioners and beneficiaries, employees, other government transfer recipients and self-funded retirees).

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The Melbourne Institute Monthly Inflation Gauge and Cost of Living report for February 2023 was released at 11am (AEDT), Monday 6 February 2023. The next report for March 2023 will be released at 11am (AEDT), Monday 6 March 2023.

The Melbourne Institute Monthly Inflation Gauge is designed to give markets and policy makers a monthly update on inflation trends. Further information can be found here.

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A/Prof Sam Tsiaplias

sarantis.tsiaplias@unimelb.edu.au

03 9035 3353