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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
The CPI for April rose to 6.8% y/y from 6.3%, higher than the 6.4% expected. It peaked at 8.4% in December 2022. The main driver of the increase was a fuel-related base effect, as the fuel excise was halved in April last year. Excluding volatile items, the CPI rose 6.5% down from 6.9%. Looking through special factors, inflation continues to move in the right direction at the start of Q2. The trend should assure the RBA that policy is working but also confirm their concerns re housing. The RBA’s Q2 2023 CPI forecast is 6.3%.
- The seasonally-adjusted CPI rose a moderate 0.3% m/m after 0.5% in March, only slightly higher than the series average. Excluding volatile items rose only 0.2% m/m after 0.6%. 3-month momentum in both series continues to ease.
- Housing remained one of the main contributors to annual inflation rising 8.9% y/y but down from March’s 9.5%. This moderation was driven by the new dwelling component which is being helped by lower building material costs. However, rents rose by 6.1% y/y up from 5.3%. The RBA expects them to rise further by close to 10%. (See RBA: Supply-Side Reforms Needed To Increase Housing & Reduce Rents)
- Food price inflation remains high at 7.9% but down from 8.1% in March.
Australia CPI vs CPI ex volatile items 3m/3m average ann% sa
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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