The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation. The CPI in 2020 is 116.92. Your browser is not up-to-date. The oil price should amount to 42 dollar per barrel in 2020 and 48 dollar per barrel in 2021. For optimum experience we recommend to update your browser to the latest version. The inflation forecasts from December 2020 until the end of 2021 produced by the Federal Planning Bureau are based on observations until November 2020 from Statbel. "Our early forecast for Q2 inflation is for a 1.9% decline in the headline CPI, which would see annual deflation of 0.4%," said Kaixin Owyong, an economist at NAB. This page provides the latest reported value for - Australia Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Inflation rate is calculated by change in the consumer price index (CPI). The Australian economy is expected to record a contraction in GDP of around 10 per cent over the first half of 2020; total hours worked are expected to decline by around 20 per cent and the unemployment rate is forecast to rise to around 10 per cent in the June quarter. Consumer price index: 1.8 −1: ¼: 2¾: 1¼: 1½ (a) The cash rate is assumed to remain at its current level, with other elements of the Bank's monetary stimulus package, including the 0.25 per cent target for the 3-year government bond yield, assumed to remain consistent with current settings. This document has been prepared by National Australia Bank Limited ABN 12 004 044 937 AFSL 230686 ("NAB"). Any advice contained in this document has been prepared without taking into account your objectives, financial situation or needs. These forecasts take into account futures of 27 November 2020. Inflation Rate in Australia is expected to be 0.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. The Governor and the Treasurer have agreed that the appropriate target for monetary policy in Australia is to achieve an inflation rate of 2–3 per cent, on average, over time. 1982-1984=100. Australia Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2020. NSA. The statistic shows the inflation rate in Australia from 1985 to 2019, with projections up until 2025. Looking forward, we estimate Inflation Rate in Australia to stand at 2.30 in 12 months time. It was 114.74 in the previous year, 2019. The inflation rate is calculated using the price increase of a defined product basket. Measures of CPI Inflation; Inflation Calculator; Inflation Target. U.S. Consumer Price Index Forecast Values Consumer Price Index, CPI-U. 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