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.
Australia’s Consumer Price Index rose 1.2% in the September quarter and 5.4% y/y, while the monthly read – also released today – increased 5.6% y/y, data from the Australian Bureau of Statistics showed Wednesday.
Both measures printed higher than market expectations, which had Q3 CPI at 1.1% q/q, or 5.3% y/y, and monthly inflation at 5.3% y/y. Q3 trimmed mean inflation was 1.2% q/q and 5.2% y/y, also higher than expectations. The higher reads will concern the RBA, which forecasted CPI to fall to 4.25% by Q4 within its August Statement on Monetary Policy.
“CPI rose 1.2% in the September quarter, higher than the 0.8% rise in the June 2023 quarter,” noted Michelle Marquardt, head of prices statistics at the ABS. “The rise this quarter however continued to be lower than those seen throughout 2022.”
RBA Governor Michele Bullock struck a hawkish tone during her first public speech in Sydney Tuesday, noting the board will not hesitate to raise the cash rate further if there is a material upward revision to the outlook for inflation. (See MNI: Fresh Forecasts To Dictate RBA's Nov Decision - Bullock)
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.