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 6.0% y/y over the June quarter, decelerating from the March quarter’s 7% increase, while trimmed mean annual inflation printed at 5.9%, compared to the previous period’s 6.6% read, according to the Australian Bureau of Statistics data released Wednesday.
The lower prints mark the second consecutive quarter of lower annual inflation from the peak of 7.8% recorded in the December 2022 quarter (see chart). However, services inflation – a key factor for the Reserve Bank of Australia’s monetary policy decisions – gained 6.3%, up from March’s 6.1% read, its highest read since 2001.
The ABS noted the most significant price rises were rents at 2.5%, international holiday travel and accommodation at 6.2%, financial services at 2.5%, and new dwelling purchase by owner-occupiers at 1.0%. MNI reported this week rent would likely drive CPI and could dominate inflation for the rest of the year (see MNI INTERVIEW: RBA To "Look Past" Rental Inflation).
The RBA next meets August 1.
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.