What is the CPI wage increase for 2021?
a 2.5% increase
Following the Annual Wage Review 2021, the Fair Work Commission (FWC) announced a 2.5% increase to the national minimum wage and all award wages.
When CPI increases what happens to inflation?
If there is inflation (when goods and services cost more) the CPI will rise over a period of time. If the CPI drops, that means there is deflation, or a steady reduction in the prices of goods and services.
What is the latest CPI increase?
Consumer Price Index, Australia
- The Consumer Price Index (CPI) rose 0.8% this quarter.
- Over the twelve months to the June 2021 quarter, the CPI rose 3.8%.
- The most significant price rise was Automotive fuel (+6.5%).
What is the inflation rate of the CPI?
Understanding the CPI A Consumer Price Index of 158 indicates 58% inflation since 1982, while a CPI index of 239 would indicate 139% inflation since 1982. The commonly quoted inflation rate of say 3% is actually the change in the Consumer Price Index from a year earlier.
When was the last time the CPI was updated?
Consumer Price Index (CPI-U) data is provided by the U.S. Department of Labor Bureau of Labor Statistic. This monthly pipelined data is the gas powering the always-current Inflation Calculator. The following CPI data was last updated by the government agency on September 12, 2019 and covers up to August 2019.
What was the Consumer Price Index in 1983?
(If you check the chart below you will see it was somewhere between July and August of 1983.) Note: Due to the width of the table, this page is best viewed full screen or as wide as possible. A Consumer Price Index of 158 indicates 58% inflation since 1982, while a CPI index of 239 would indicate 139% inflation since 1982.
How is the producer price index related to the CPI?
The producer price index (PPI) which measures the domestic output of raw goods and services, serves as a leading indicator for the CPI; when producers face input inflation, the increase in their production costs are passed on to the retailers and consumers. Hence, the PPI serves as a true measure of output; it is not affected by consumer demand.