August 28, 2024 01:43 GMT
MNI BRIEF: Aussie July CPI At 3.5%, Higher Than Expected
MNI (MELBOURNE) - The monthly CPI indicator printed at 3.5% y/y for July, 10 basis points higher than market expectations, and 30bp lower than June, while trimmed mean slowed to 3.8% from the prior month’s 4.1%, data from the Australian Bureau of Statistics showed.
Housing (+4.0%), food and non-alcoholic beverages (3.8%), alcohol and tobacco (7.2%), and transport (3.4%) were the most significant contributors to the annual rise.
The RBA held the cash rate steady at 4.35% in August, despite the board considering a hike due largely to sticky services inflation. (See MNI RBA WATCH: Board Holds, Shrugs Off Market Volatility)
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