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Inflation Expectations Coming Up, Prices Main Concern

AUSTRALIA DATA

Melbourne Institute inflation expectations rose in May to 5.2% from 4.6%. This week Westpac reported from its consumer survey that inflation was assessed as the most negative issue, more so than rates, but also the one that participants had the highest recall with 62% remembering news on inflation. Given this and further RBA tightening to combat high inflation, grocery price inflation rising close to 10% y/y and petrol prices up 6%m/m in the first half of June, there is a chance that June consumer inflation expectations stay above 5% or even rise further. This data is short-term and the RBA looks at medium-term inflation expectations but there isn’t longer-term data for consumers.

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