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     SYDNEY (MNI) - From the Melbourne Institute Consumer Inflationary
Expectations survey for August published Thursday.
                                       August       July
                                    %, Annual  %, Annual
Expected Inflation (trimmed mean)        +4.2       +4.4
Expected Inflation (weighted mean)       +2.5       +2.5
     FACTORS: Annual inflation expectations on a trimmed-mean basis fell in
August following a rise in July to a level last seen in May 2014. Expectations
on a weighted-mean basis, however, remained unchanged at the midpoint of the
Reserve Bank of Australia's 2%-to-3% target band.
     TAKEAWAY: The fall in inflation expectations likely reflects a slowing in
second-quarter headline consumer price index inflation as seen in data published
by the Australian Bureau of Statistics in late July. The data showed headline
CPI rose 1.9% y/y -- falling below the lower end of the RBA's target band.
However, the effect on expectations may be less than expected given the
increases in utilities prices recently that is expected to result in increases
in household energy bills. In its recent Statement on Monetary Policy the RBA
said the outlook for headline inflation was slightly higher than at the time of
its May statement -- reflecting an upward revision to expected utilities prices.
--MNI Sydney Bureau; tel: +61 2-9716-5467; email: