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Following on from a Tweet I saw today looking at the relative price movements in the US over the past 20 years, I thought I’d do something similar for Australia. The chart below is the result.
What we can see is that CPI has increased by almost 69% over the past 20 years while wages (as measure by the WPI and up to March 2019) are up 87%.
Relatively things that have become more expensive include Alcohol & tobacco, Education, Health and Housing.
Food has risen by almost exactly the rate of CPI while Transport, Recreation, Furnishings, household equipment & services, Clothing and Communications have all become more affordable. Particularly impressive is the decline in the cost of Communications which have fallen more than 20% in the past 6 years while CPI is up almost 12% over the same period.
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