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.
Headline Australian Q2 inflation printed at 3.8% y/y, or 1.0% q/q – in line with market expectations – 20 basis points higher than Q1, while trimmed mean fell 10bp to 3.9%, lower than the expected 4%, data from the Australian Bureau of Statistics showed.
The monthly consumer price indicator also recorded 3.8% y/y growth.
The Reserve Bank of Australia had expected headline Q2 CPI at 3.8% within its latest forecasts, however, trimmed mean was 10bp stronger than expected.
Housing (+1.1%), food and non-alcoholic beverages (+1.2%) represented the most significant contributors to the June quarter rise, according to the ABS.
“The continuing tight rental market and low vacancy rates caused rental prices to go up 2.0% for the quarter, following a 2.1% rise in the March 2024 quarter,” noted Michelle Marquardt, head of prices statistics at the ABS.
Former staffers had told MNI the RBA could be forced to hike rates should CPI print stronger than expected. (See MNI: RBA Risks Credibility, Next Rate Call Unclear-Ex Staffers)
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.