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AUSTRALIA
AUSTRALIA: Ahead of the Australian CPI release at 0130GMT, analysts at ANZ
expect Q2 inflation data to show that any acceleration in inflationary pressures
remain very gradual. Headline inflation will likely tick up to 0.5% q/q, due to
a rise in petrol prices, the seasonal increase in health insurance premiums and
the regular tobacco indexation. Core inflation is expected to be steady at 0.5%
q/q and 1.9% y/y, just below the RBA's target band.
- CBA Expect the headline inflation rate to rise by 0.6%, bringing the annual
rate to 2.3% and comfortably within the RBA's 2-3% target range.
- Westpac anticipate another 0.4% print, lifting the annual figure to 2.1%. The
average of the RBA core measures was 0.5% q/q, 2.0% y/y in Q1. We anticipate
0.5% q/q, 1.9% y/y for Q2. In short, inflation is at the bottom of the RBA's
target band at a time of weak wages growth, intense competition across retail
and supermarkets, as well as a housing slowdown.
- RBC expect headline CPI to have risen by 0.6% in Q2, lifting the y/y rate to
2.3% boosted by some base effect.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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