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Australia CPI climbs 4.6% as fuel soars 33%

4/29/2026

35 6 Full Breakdown

Summary

Story summary

Australia’s CPI rose 4.6% to March, the highest since September 2023, raising expectations of a Reserve Bank of Australia (RBA) hike.
Fuel prices jumped 32.8% from February to March, raising transport costs 9.2% and driving CPI rise.
Housing costs rose 6.5% YoY in March, the biggest weighted contributor to inflation.
Trimmed-mean inflation held at 3.3% in March, above the RBA’s 2%-3% target, with cash rate at 4.1% after two 25-basis-point hikes.

History

Historical Context

By 1975 the 1973 OPEC oil shock had driven Australia’s CPI from 3.5% to 15.3%, prompting the Reserve Bank of Australia to tighten monetary policy. The March 2024 CPI rise of 4.6% and a 32.8% fuel price jump revive the significant inflation pressure that forced Whitlam-Fraser policymakers into aggressive monetary tightening.

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Story summary

Australia’s CPI rose 4.6% to March, the highest since September 2023, raising expectations of a Reserve Bank of Australia (RBA) hike.
Fuel prices jumped 32.8% from February to March, raising transport costs 9.2% and driving CPI rise.
Housing costs rose 6.5% YoY in March, the biggest weighted contributor to inflation.
Trimmed-mean inflation held at 3.3% in March, above the RBA’s 2%-3% target, with cash rate at 4.1% after two 25-basis-point hikes.

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