The trimmed mean inflation figure was 4.9%.
Australia’s second quarter CPI inflation has printed at an annualised 6.1% in data released on Wednesday after increasing 1.8% over the quarter.
Trimmed mean inflation, the Reserve Bank of Australia’s preferred measure, was 4.9% after a 1.2% quarterly increase. The data was slightly lower than expectations, but will be a major factor when the RBA Board meets next week with another rate hike likely, (See: MNI INSIGHT: RBA Confident Of Avoiding Recession As Econ Cools).
The central bank has a 2% to 3% target for inflation, (See: MNI STATE OF PLAY: Household Spending A Factor For RBA Hikes).