The latest inflation reading from the Australian Bureau of Statistics shows the Consumer Price Index (CPI) rose 4.2% in the year to April 2026, down from +4.6% in the 12 months to March 2026. The largest contributors to annual inflation were housing (+6.3%), transport (+6.6%) and food and non-alcoholic beverages (+2.8%).

In the 12 months to April, inflation for food and non-alcoholic beverages rose +2.8%, slightly down from +3.1% in the year to March and the lowest reading since December 2021. Meals out and takeaway food prices rose 3.7% in the 12 months to April 2026, driven by elevated costs for wages and ingredients. Dairy prices rose +2.3% in the period, declining since February’s reading and lower than its highest reading of +3.2% in the 12 months to November 2025.