Regulatory Alerts2026-08-27
Added
An Input-cost Decomposition of the Household Consumption Deflator
Labour costs, business owner returns, dwelling rents, and import prices all contributed to elevated consumer price inflation since the COVID-19 pandemic, though their relative importance has varied over time. From 2022 to early 2026, all input costs contributed to growth in the household consumption deflator being above 2.5 per cent, with import prices and business owner returns accounting for a larger share immediately following the pandemic before pressures shifted towards labour costs and dwelling rents. Business owner returns in the mining industry grew strongly over 2022 owing to high global commodity prices, while labour costs made a large and persistent contribution since late 2022 consistent with tight conditions in labour markets.
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