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As expected, fuel was the main driver.....>

AUSTRALIA
AUSTRALIA: As expected, fuel was the main driver for headline CPI, allowing both
the Y/Y & Q/Q metrics to top market consensus, at the margin.
- The headline reading missed RBA exp. of +1.7% by 0.1 pp, while the trimmed
mean reading met the RBA exp., printing at +1.6% Y/Y.
- This will likely remove any pressure that the RBA may have been feeling re:
pulling the trigger again in August, as referenced by market pricing (in the IB
strip) since the release.
- See the chart below for comparisons of RBA SoMP exp. for both headline CPI &
trimmed mean CPI readings:
- Chart: https://emedia.marketnews.com/marketnewsintl/AUCPIQ219.png
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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