MNI BRIEF: Aussie Trimmed Mean Falls To 3.2% In Nov
MNI (SYDNEY) - Australian monthly trimmed mean inflation fell 20 basis points over November to 3.2% y/y, while headline CPI grew 2.3% y/y, up from October’s 2.1%, data from the Australian Bureau of Statistics showed Wednesday.
Trimmed mean is the Reserve Bank of Australia’s preferred measure of inflation. (See MNI: RBA Rate On Track For Cuts, Trump Adds To Risk-Ex Staff) The RBA expects the metric to print at 3.4% y/y by Q4 and be back within the top of its 2-3% target band by June 2025.
The ABS will publish Q4 and December monthly data on Jan 29.
“Annual CPI inflation has risen since last month, in part due to the timing of electricity rebates,” said Michelle Marquardt, ABS head of prices statistics. “In some states and territories, households received two rebate payments in October in lieu of not receiving a payment in July. From November most households received one payment. As a result, electricity prices fell 21.5% in the 12 months to November, compared to a fall of 35.6% to October.”