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MNI BRIEF: Aussie Inflation Set To Test Upside Of RBA Target

MNI (London)
LONDON (MNI)

Aussie headline inflation set for print above 3%, above the central bank's indicated target range.

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Australia's Q2 inflation data due Wednesday is set to rise sharply on the previous print, with many analysts looking for a number to break above the Reserve Bank of Australia's target range, giving the central bank a communications problem at least when policymakers meet next week. The Q1 headline number is seen at 3.1%, beating the 1.2% seen in Q1).

The Q2 inflation print -- Australia's inflation data is reported quarterly -- will break above the key 3% level, the upper end of the RBA's 1 to 3% target range. However, policymakers will likely look through the stronger prices, citing transitory factors, although with a lockdown continuing across much of the country, the bank could face the need to think again about taking its foot of the easing pedal, just as prices start to edge higher, as MNI reported on July 27 (MNI INSIGHT: Lockdowns Could Delay But Not Derail Australia Rebound).