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May CPI Expected To Firm In Y/Y Terms

AUSTRALIA DATA

Coming up soon we have the Australian May CPI print. The print is expected to post an increase of 3.8% y/y up from 3.6% the previous month. Forecasts range from 3.5% to 4.0% with most around 3.7-3.8%. April did not include a comprehensive update of the services components but May will. Housing costs, insurance, electricity prices and personal services are likely to rise.

  • Note the entire Q2 CPI print is due on July 31 (along with the June monthly print). This will arguably carry more weight ahead the August RBA policy decision, which will also include updated forecasts.
  • Earlier RBA Assistant Governor Kent stated the central bank needed to see a further fall in underlying inflation pressures before easing policy (BBG). Kent reiterated the RBA's well-worn line that it isn't ruling anything in or out from a policy standpoint.
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