The Australian Bureau of Statistics will seek funding to produce a monthly inflation report to replace the current release of the data every three months.
In the first major review of the consumer price index in more than a decade, the bureau said in a statement today production of a monthly CPI report “to support more timely and responsive economic management” would involve additional costs and require appropriate funding before it could proceed.
The bureau also said that from the third quarter of next year, the indirectly measured component of financial services would be removed from the headline CPI until that method and data sources are “sufficiently robust for reintroduction.”
Australia and New Zealand are the only two countries in the Organization for Economic Cooperation and Development that don’t publish CPI figures monthly, and the Reserve Bank of Australia has indicated it would be helpful, Australia & New Zealand Banking Group said in a report last week.
The bureau said today publication of average retail prices of selected items in eight capital cities will be discontinued after the second quarter next year.