Australia’s inflation momentum eased in April 2026, with the MI Inflation Gauge rising 0.6% month-over-month, down sharply from a 1.3% increase in March.
The data, updated on 4 May 2026, show a notable moderation in price pressures compared with the previous month. In March 2026, the gauge had climbed 1.3% versus February, whereas April’s reading reflects a slower pace of month-on-month inflation.
The MI Inflation Gauge is tracked on a month-over-month basis, with the “actual” figure comparing the change in the current month to the previous one, and the “previous” figure reflecting the change in the prior month versus the month before it. April’s softer reading suggests a cooling in the near-term inflation pulse after March’s stronger rise.