Inflation Help Export Year-ended percentage change, excludes interest charges prior to September quarter 1998 and adjusted for the tax changes of 1999-2000 9% 20 20 15 15 M 2-3% target range 10 10 5 5 0 -5 -5 1960 1970 1980 1990 2000 2010 2020 - CPI V Monthly CPI Indicator O Figure 1: Source: Reserve Bank of Australia (https://www.rba.gov.au/inflation/measures-cpi.html) Public Domain. Accessed 12/3/2023. In 2022, Australia experienced CPI inflation of 7.8% p.a., much higher than the Reserve Bank of Australia's (RBA) inflation target of between 2 to 3%, and far exceeding 2020's 0.9% CPI inflation