Australian private survey of inflation soared by 1% m/m in December, the most in 17

Australia’s privately surveyed monthly inflation gauge comes from the Melbourne Institute of Applied Economic & Social Research at the University of Melbourne:

  • Headline inflation jumped 1% m/m in December, from 0.3% in November
  • This is the biggest leap higher in 17 months
  • For the y/y, comes in at 5.2% in December, way above the 4.4% recorded in November

Prior to the Australian Bureau of Statistics’ monthly inflation survey beginning this for the Melbourne Institute was the only guide we had to monthly inflation. It was, and remains, a well-respected survey.

Its completely at odds with the latest from the ABS, although that was for November, not December:

The ABS publish the December month results on January 31, although it’s the quarterly data published the same day that the focus will be on:

The RBA is concerned that inflation in Australia is sticky above its 2 – 3% target band. This data would seem to reinforce that concern.

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In other data, Australian ANZ Job Advertisements for December have come in at +0.1% m/m

  • prior -5.1%
  • down 17.5% from the November 2022 peak.



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