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MNI BRIEF: Aussie Monthly CPI Tracks Higher at 6.8%

(MNI) Sydney

The monthly Consumer Price Index (CPI) indicator rose 6.8% in the year to April 2023, higher than the 6.3% reported in March 2023, but below the high of 8.4% recorded in December 2022, according to the latest data from the Australian Bureau of Statistics.

The Reserve Bank of Australia Board will note the persistently high monthly figures when it next meets on June 6. RBA Governor Philip Lowe said this morning monetary policy was contractionary and will likely stay elevated for some time on current forecasts (see: MNI BRIEF: Rates Contractionary, Will Remain High - RBA's Lowe).

Michelle Marquardt, head of prices statistics, at the ABS said a significant contributor to the increase in the annual movement in April was automotive fuel. “The halving of the fuel excise tax in April 2022, which was fully unwound in October 2022, is impacting the annual movement for April 2023,” she said.

Marquardt added, when excluding volatile items, the annual movement of the monthly CPI indicator was 6.5% in April, lower than 6.9% recorded in March (see chart).

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