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.
The Q2 GDP implicit price deflator fell 1.6% q/q to be up only 1.5% y/y driven by the fall in key commodity export prices, such as coal and other mineral fuels. Looking at the domestic economy, the domestic demand deflator rose 1.2% q/q to be 5.8% y/y higher after +1.1% q/q and 6.2% y/y in Q1. The consumption deflator rose a solid 1.3% q/q to be a still elevated 6.1% y/y, driven by rents and food, but off the Q4 2022 peak of 6.8%. Cost of living pressures persist for households. Capex prices were also strong at 1.5% q/q and 7.1% y/y due to the weaker AUD according to the ABS. The deflators are consistent with inflation having peaked but domestically still “too high”.
Australia implicit price deflators 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.