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MNI BRIEF: Aussie CPI Higher Than Expected At 3.6% Y/Y

(MNI) Melbourne

Australian CPI rose 3.6% y/y over Q1, down from Q4 2023’s 4.1%, and 10 basis points higher than the market’s expectation, according to the Australian Bureau of Statistics.

The Reserve Bank of Australia wants to see inflation at 3.3% by Q2. The monthly CPI indictor, released alongside the quarterly result, also increased 3.5% over March, up from 3.4% in February.

Trimmed mean rose 4.0%, compared to Q4's 4.2%, while non-tradable prices grew 5.0%, down from 5.4% in the December quarter. Tradable prices were lower at 0.9%, compared to a rise of 1.5% over Q4. (See charts)

Daniel covers the Reserve Bank of Australia and the Reserve Bank of New Zealand and leads the Asia-Pacific team.
Daniel covers the Reserve Bank of Australia and the Reserve Bank of New Zealand and leads the Asia-Pacific team.

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