Australia's Inflation Rate

Just like for unemployment, Australia's Inflation Rate is reported by the Australian Bureau of Statistic (ABS). From 1951 until 2013, Australia Inflation rate averaged 5.3 percent reaching an all time high of 23.9 percent in December of 1951 and a record low of -1.3 percent in June of 1962. In Australia, the inflation rate measures a broad rise or fall in prices that consumers pay for a standard basket of goods.The Governor and the Treasurer of Australia have agreed that the appropriate target for monetary policy in Australia is to achieve an inflation rate of 2–3 per cent, by conducting effective monetary policies.