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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
February CPI was steady at 3.4% y/y, slightly lower than Bloomberg consensus. Seasonally adjusted it rose 0.5% m/m and the annual rate is up to 3.7% from 3.5% in December. While the ex volatile items & holiday travel eased 0.2pp to 3.9% y/y, the trimmed mean rose 0.1pp to 3.9% and services were higher too. The mixed messages from the February data confirm the importance of the quarterly CPI due on April 24.
- Inflation continues to be contained by goods and tradeables prices with them easing to 2.9% y/y and 0.8% respectively, and the lowest since mid-2021.
- However, domestically driven inflation remains sticky as services in February rose to 4.2% y/y from 3.7% and non-tradeables to 4.8% from 4.7%. This area remains a particular focus of the RBA and as a result of the upcoming Q1 CPI data.
- Housing, food, alcohol & tobacco and insurance remained the main drivers of annual inflation. Rents rose 7.6% y/y up from 7.4%, as vacancy rates remained low. Insurance is up 16.5% y/y and the rise has been broadbased across types.
Australia CPI y/y%
Source: MNI - Market News/ABS
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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