Australia Import Price Index Quarter-over-Quarter
Quarterly change in prices for merchandise imports landed in Australia, used to assess imported inflation pressure.
Full explanation
The Australia Import Price Index measures price changes for merchandise imports landed in Australia. It is published quarterly by the Australian Bureau of Statistics in the International Trade Price Indexes release. The quarter-over-quarter version compares the latest quarter with the previous quarter and is commonly used to gauge short-term import-cost momentum.
Why traders watch it
Import prices can feed into business input costs and consumer inflation, especially when currency moves or global energy prices are large. Markets use the data to refine views on inflation, trade conditions and the policy backdrop for the Reserve Bank of Australia.
Market interpretation
- AUD
- May respond if import prices change inflation expectations or reflect large exchange-rate effects.
- Australian government bonds
- Can affect inflation and rate expectations at the margin, especially after a large surprise.
- Equity sectors
- Import-reliant retailers and manufacturers may be sensitive to changes in imported cost pressure.
- Inflation-linked assets
- Can add context for pipeline inflation, though CPI remains the dominant inflation release.
Stronger vs weaker outcomes
A higher-than-forecast reading typically suggests stronger imported price pressure, which may add to inflation concerns if sustained.
A lower-than-forecast reading typically suggests softer imported price pressure or easing global goods costs.
An in-line reading usually confirms the expected path for import-cost inflation.
Typical volatility
Moderate. The release is quarterly and can matter for inflation narratives, but it is usually secondary to CPI and RBA communications.
Trading considerations
- Separate exchange-rate effects from changes in underlying foreign-currency prices where possible.
- Look at fuel, capital goods and consumer-goods components for the source of the move.
- Compare the Import Price Index with CPI, PPI and trade-balance data.
- Quarterly data may be stale relative to fast-moving commodity and FX markets.
Educational guidance only — never a trading signal or recommendation.
Related indicators
Harmonised Index of Consumer Prices Annual Inflation Rate
HICP annual inflation measures year-on-year consumer price changes using Europe’s comparable inflation index.
Reserve Bank of Australia Monetary Policy Board Meeting Minutes
The RBA meeting minutes are a written record of the central bank’s latest monetary policy discussion. They help explain why policymakers made their interest-rate decision and what risks they considered.