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Inflation Gauge Points To Continued Inflation Moderation

AUSTRALIA DATA

The Melbourne Institute’s inflation gauge for November rose 0.3% m/m, highest since July, but the annual rate was helped by base effects and moderated to 4.4% from 5.1%, its lowest in over 18 months. The annualised monthly rise points to inflation remaining above target but moderating further. Price information over the last week implies that pressures are easing, and we expect the RBA to be on hold tomorrow with the February meeting following Q4 CPI data “live”.

Australia inflation y/y%

Source: MNI - Market News/Refinitiv/ABS

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