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MNI BRIEF: Aussie Monthly CPI Flat At 3.4% Y/Y

(MNI) Melbourne

The Australian monthly CPI indicator rose 3.4% y/y over February, 10 basis points below expectations and flat against January, Australian Bureau of Statistics data showed Wednesday.

The monthly indicator has held at the same level for three consecutive months. Housing (+4.6%), food and non-alcoholic beverages (+3.6%), alcohol and tobacco (+6.1%) and insurance and financial services (+8.4%) were the most significant contributors. Rental inflation growth, a focus for the Reserve Bank of Australia, increased 10bp to 7.6%.

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The Australian monthly CPI indicator rose 3.4% y/y over February, 10 basis points below expectations and flat against January, Australian Bureau of Statistics data showed Wednesday.

The monthly indicator has held at the same level for three consecutive months. Housing (+4.6%), food and non-alcoholic beverages (+3.6%), alcohol and tobacco (+6.1%) and insurance and financial services (+8.4%) were the most significant contributors. Rental inflation growth, a focus for the Reserve Bank of Australia, increased 10bp to 7.6%.

Keep reading...Show less