Inflation Australia 2023
Average inflation: 5.6%
Current Inflation
Inflation is very high at 5.6%, far above the ECB target.
Peak and Trough
The highest inflation was in February at 7.0%. The lowest inflation was in November at 4.1%.
- Highest month
- February: 7.0%
- Lowest month
- November: 4.1%
- Difference
- 2.9 percentage points
- Months with data
- 4 of 12
Historical Context
Current inflation is 2.1% higher than the 5-year average of 3.5%.
- 5-year average
- 3.5%
- 10-year average
- 2.7%
- All-time high (2022)
- 6.6%
- All-time low (2020)
- 0.9%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -1.0 percentage point.
- Change vs. previous year
- -1.0 percentage points
- Largest monthly swing
- November: -3.7 percentage points
ECB Target
Inflation is 3.6% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €105.60 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| February | 7.0% | +1.9 |
| May | 6.0% | -0.1 |
| August | 5.4% | -1.9 |
| November | 4.1% | -3.7 |
| Average | 5.6% |
Data source
Data from OECD. Last updated: 24/11/2025.Not all months available yet.