March 27, 2024 00:47 GMT
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%.
RBA Governor Michele Bullock stressed the importance of data for the cash rate's future path following the board’s decision to hold at 4.35% last week. (See MNI RBA WATCH: Bullock Stresses Data, Switches To Neutral Tone)
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