Inflation Australia 2024
Average inflation: 3.1%
Current Inflation
Inflation is high at 3.1%, well above the ECB target.
Peak and Trough
The highest inflation was in May at 3.8%. The lowest inflation was in November at 2.4%.
- Highest month
- May: 3.8%
- Lowest month
- November: 2.4%
- Difference
- 1.4 percentage points
- Months with data
- 4 of 12
Historical Context
Current inflation is 0.7% lower than the 5-year average of 3.8%.
- 5-year average
- 3.8%
- 10-year average
- 2.7%
- All-time high (2022)
- 6.6%
- All-time low (2020)
- 0.9%
Trend
Inflation shows a downward trend. Compared to 2023, inflation has fallen by +2.5 percentage point.
- Change vs. previous year
- -2.5 percentage points
- Largest monthly swing
- February: -3.4 percentage points
ECB Target
Inflation is 1.1% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €103.10 next year at this inflation rate.
Multi-year trend
Monthly figures 2024
Month overview
| Month | Inflation | Difference vs. 2023 |
|---|---|---|
| February | 3.6% | -3.4 |
| May | 3.8% | -2.2 |
| August | 2.8% | -2.6 |
| November | 2.4% | -1.7 |
| Average | 3.1% |
Data source
Data from OECD. Last updated: 24/11/2025.Not all months available yet.