The Consumer Price Index (CPI) rose 3.4 per cent in the 12 months to November 2025, according to the latest data from the Australian Bureau of Statistics (ABS).
Michelle Marquardt, ABS head of prices statistics, said: 'The 3.4 per cent annual CPI inflation to November was down from 3.8 per cent to October.'
The largest contributor to annual inflation in November was Housing, up 5.2 per cent. This was followed by Food and non-alcoholic beverages, up 3.3 per cent, and Transport, which rose 2.7 per cent.
| Change from previous month (%) | Annual change (%) | |
|---|---|---|
| Jun-24 | 0.4 | |
| Jul-24 | 0.3 | |
| Aug-24 | -0.3 | |
| Sep-24 | 0.1 | |
| Oct-24 | -0.2 | |
| Nov-24 | 0.4 | |
| Dec-24 | 0.7 | |
| Jan-25 | 0.3 | |
| Feb-25 | 0.1 | |
| Mar-25 | 0.3 | |
| Apr-25 | 0.7 | 2.4 |
| May-25 | -0.5 | 2.1 |
| Jun-25 | 0.1 | 1.9 |
| Jul-25 | 1.3 | 3 |
| Aug-25 | -0.1 | 3.2 |
| Sep-25 | 0.5 | 3.6 |
| Oct-25 | 0 | 3.8 |
| Nov-25 | 0 | 3.4 |
When prices for some items change significantly, measures of underlying inflation like the Trimmed mean can give more insights into how inflation is trending.
'Trimmed mean inflation was 3.2 per cent in the 12 months to November 2025, down from 3.3 per cent in the 12 months to October 2025,' Ms Marquardt said.
| All groups CPI (%) | Trimmed mean (%) | |
|---|---|---|
| Mar-20 | 2.2 | 1.7 |
| Jun-20 | -0.3 | 1.2 |
| Sep-20 | 0.7 | 1.2 |
| Dec-20 | 0.9 | 1.2 |
| Mar-21 | 1.1 | 1.1 |
| Jun-21 | 3.8 | 1.6 |
| Sep-21 | 3.0 | 2.1 |
| Dec-21 | 3.5 | 2.6 |
| Mar-22 | 5.1 | 3.8 |
| Jun-22 | 6.1 | 4.9 |
| Sep-22 | 7.3 | 6.1 |
| Dec-22 | 7.8 | 6.8 |
| Mar-23 | 7.0 | 6.5 |
| Jun-23 | 6.0 | 5.8 |
| Sep-23 | 5.4 | 5.1 |
| Dec-23 | 4.1 | 4.2 |
| Mar-24 | 3.6 | 4.0 |
| Jun-24 | 3.8 | 4.0 |
| Sep-24 | 2.8 | 3.6 |
| Dec-24 | 2.4 | 3.3 |
| Mar-25 | 2.4 | 2.9 |
| Apr-25 | 2.4 | 3.1 |
| May-25 | 2.1 | 3.0 |
| Jun-25 | 1.9 | 2.8 |
| Jul-25 | 3.0 | 3.0 |
| Aug-25 | 3.2 | 3.0 |
| Sep-25 | 3.6 | 3.2 |
| Oct-25 | 3.8 | 3.3 |
| Nov-25 | 3.4 | 3.2 |
- (a)
- Annual movements prior to April 2025 are calculated by comparing each quarter to the same quarter in the previous year. From April 2025 these movements are calculated by comparing each month to the same month in the previous year.
Annual Goods inflation was 3.3 per cent in the 12 months to November, down from 3.8 per cent to October. The main reason for lower annual Goods inflation in November was Electricity, which rose 19.7 per cent in the 12 months to November, compared to 37.1 per cent to October.
Annual Services inflation was 3.6 per cent in the 12 months to November, down from 3.9 per cent to October. Annual Services inflation eased due to Domestic holiday travel, following high demand in October from school holidays in all states and territories and major sporting events. The main contributors to annual Services inflation to November were Rents (+4.0 per cent) and Medical and hospital services (+4.6 per cent).
| Goods (%) | Services (%) | |
|---|---|---|
| Mar-20 | 2.7 | 1.8 |
| Jun-20 | 1.3 | -2.2 |
| Sep-20 | 1.8 | -0.6(1) |
| Dec-20 | 1.1 | 0.8 |
| Mar-21 | 1.1 | 1.1 |
| Jun-21 | 2.8 | 5.1 |
| Sep-21 | 2.8 | 3.5(2) |
| Dec-21 | 4.3 | 2.3 |
| Mar-22 | 6.6 | 3.0 |
| Jun-22 | 8.4 | 3.3 |
| Sep-22 | 9.6 | 4.1 |
| Dec-22 | 9.5 | 5.5 |
| Mar-23 | 7.6 | 6.1 |
| Jun-23 | 5.8 | 6.3 |
| Sep-23 | 4.9 | 5.8 |
| Dec-23 | 3.8 | 4.6 |
| Mar-24 | 3.1 | 4.3 |
| Jun-24 | 3.2 | 4.5 |
| Sep-24 | 1.4 | 4.6 |
| Dec-24 | 0.8 | 4.3 |
| Mar-25 | 1.3 | 3.7 |
| Apr-25 | 0.9 | 4.1 |
| May-25 | 1.0 | 3.4 |
| Jun-25 | 1.2 | 2.7 |
| Jul-25 | 2.4 | 3.7 |
| Aug-25 | 3.0 | 3.4 |
| Sep-25 | 3.7 | 3.5 |
| Oct-25 | 3.8 | 3.9 |
| Nov-25 | 3.3 | 3.6 |
- Annual movements prior to April 2025 are calculated by comparing each quarter to the same quarter in the previous year. From April 2025 these movements are calculated by comparing each month to the same month in the previous year.
Annual Housing inflation was 5.2 per cent to November. This reflects rises in Electricity, Rents and New dwellings.
Electricity costs rose 19.7 per cent in the 12 months to November, primarily related to the Queensland State Government electricity rebate being used up by households. This is down from a 37.1 per cent rise to October 2025, reflecting that more households received catch-up payments of the Commonwealth Energy Bill Relief Fund (EBRF) rebate in 2024 compared to 2025.
| Monthly (%) | Annual (%) | |
|---|---|---|
| Oct-24 | -12.3 | -35.6 |
| Nov-24 | 22.2 | -21.5 |
| Dec-24 | -1.4 | -17.9 |
| Jan-25 | 8.9 | -11.4 |
| Feb-25 | -2.5 | -13.2 |
| Mar-25 | 9.2 | -9.6 |
| Apr-25 | 1.5 | -6.5 |
| May-25 | 2.0 | -5.9 |
| Jun-25 | -0.4 | -6.3 |
| Jul-25 | 13.5 | 13.6 |
| Aug-25 | -6.3 | 24.6 |
| Sep-25 | -0.4 | 33.9 |
| Oct-25 | -10.2 | 37.1 |
| Nov-25 | 6.8 | 19.7 |
Excluding the impact of the Commonwealth and State Government electricity rebates over the past year, electricity prices rose 4.6 per cent to November compared to a 5.0 per cent rise in the 12 months to October. This reflects annual price reviews from energy retailers in July 2025.
| Excluding Government Electricity Rebates (Index) | Including Government Electricity Rebates (Index) | |
|---|---|---|
| Jun-23 | 100.0 | 100.0 |
| Jul-23 | 119.2 | 106.0(1) |
| Aug-23 | 119.7 | 104.7 |
| Sep-23 | 120.0 | 104.9 |
| Oct-23 | 118.8 | 108.4 |
| Nov-23 | 119.0 | 108.9 |
| Dec-23 | 118.0 | 102.6 |
| Jan-24 | 118.4 | 103.6 |
| Feb-24 | 118.1 | 103.0 |
| Mar-24 | 117.8 | 108.0 |
| Apr-24 | 115.8 | 105.9 |
| May-24 | 115.5 | 107.4 |
| Jun-24 | 115.5 | 107.4 |
| Jul-24 | 116.5 | 100.6(2) |
| Aug-24 | 116.6 | 85.9(3) |
| Sep-24 | 116.1 | 79.6 |
| Oct-24 | 116.1 | 69.9 |
| Nov-24 | 116.9 | 85.4 |
| Dec-24 | 116.9 | 84.2 |
| Jan-25 | 117.0 | 91.7 |
| Feb-25 | 116.7 | 89.4 |
| Mar-25 | 117.8 | 97.6 |
| Apr-25 | 117.6 | 99.0 |
| May-25 | 117.7 | 101.1 |
| Jun-25 | 117.4 | 100.7 |
| Jul-25 | 123.5 | 114.3(4) |
| Aug-25 | 123.4 | 107.1(5) |
| Sep-25 | 122.9 | 106.6 |
| Oct-25 | 121.9 | 95.8(6) |
| Nov-25 | 122.3 | 102.2 |
June 2023, index = 100
a. Introduction of the 2023-24 Commonwealth Energy Bill Relief Fund (EBRF) rebates
b. Introduction of the first instalment of the 2024-25 EBRF rebates for all households in QLD and WA, and State rebates in QLD, WA and TAS
c. Introduction of the first instalment of the 2024-25 EBRF rebates for all households in NSW, VIC, SA, TAS, NT and ACT
d. Introduction of the first instalment of the EBRF 2025 extension rebates for all households in VIC, QLD, SA, TAS and NT
e. Introduction of the first instalment of the EBRF 2025 extension rebates for all households in NSW and ACT
f. Introduction of the first instalment of the EBRF 2025 extension rebates for all households in WA
Annual inflation for Food and non-alcoholic beverages was 3.3 per cent to November. Annual inflation for this group has remained around 3.0 per cent over the past year.
Meals out and takeaway prices rose 3.5 per cent in the year to November. This was driven by rises in wages and ingredient costs.
Prices for Meat and seafood rose 3.9 per cent in the 12 months to November. Prices for beef and lamb both rose by more than 10 per cent, due to strong overseas demand for Australian red meat.
Fruit and vegetable prices rose 2.7 per cent in the 12 months to November, up from a 1.8 per cent increase to October. In monthly terms, Vegetable prices rose 0.5 per cent in November, the first monthly rise since June 2025, with higher prices for asparagus, pumpkins and broccoli. Fruit prices rose 0.9 per cent in the month of November with higher prices for apples and citrus fruits.
| July (%) | August (%) | September (%) | October (%) | November (%) | |
|---|---|---|---|---|---|
| Food and non-alcoholic beverages | 3.1 | 3.0 | 3.2 | 3.2 | 3.3 |
| Bread and cereal products | 2.0 | 2.1 | 1.9 | 0.7 | 1.2 |
| Meat and seafoods | 2.3 | 2.9 | 3.4 | 3.8 | 3.9 |
| Dairy and related products | 0.2 | 1.3 | 2.6 | 3.0 | 3.2 |
| Fruit and vegetables | 4.9 | 1.2 | 0.7 | 1.8 | 2.7 |
| Food products n.e.c. | 3.7 | 4.1 | 4.3 | 3.8 | 3.6 |
| Non-alcoholic beverages | 5.7 | 4.9 | 5.4 | 4.8 | 4.7 |
Annual inflation for Transport was 2.7 per cent to November, unchanged from October. Automotive fuel prices rose 3.5 per cent in the 12 months to November up from a 1.9 per cent rise to October.
In monthly terms, Automotive fuel prices rose 2.5 per cent in November, the strongest monthly rise since June 2025 (+3.6 per cent). Average unleaded fuel prices were 4.8 cents per litre higher compared to October 2025.
In addition to providing a more timely read on inflation, the new complete Monthly CPI enables more insights into phenomena like Black Friday sales.
'Having a monthly CPI means we can more clearly see temporary events such as Black Friday sales and compare them across time. In November 2024 and 2025, several goods categories had price falls including clothing, footwear and furniture. As the price falls this year were similar to last year, the Black Friday sales were not a major contributor to the change in annual CPI inflation from October to November,' Ms Marquardt said.
| Clothing Garments (%) | Footwear (%) | Accessories (%) | Furniture (%) | |
|---|---|---|---|---|
| Oct-24 | 0.3 | 4.2 | -0.7 | 2.3 |
| Nov-24 | -1.0 | -4.8 | -7.0 | -3.6 |
| Oct-25 | 2.6 | 2.0 | 1.7 | 2.5 |
| Nov-25 | -2.3 | -5.5 | -4.1 | -4.6 |
