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MNI GLOBAL WEEK AHEAD - Eurozone Inflation, US PCE Headline

The week ahead is headlined by Canada, UK and Japan CPI.

Developed Markets

WEDNESDAY: Australia CPI

April CPI prints on Wednesday and will be watched closely after the RBA revised up its Q2 forecast for both headline and core to 3.8% and cited upside risks to inflation in its statement. Consensus currently sees headline CPI at 3.4% Y/Y. March headline increased 0.1pp to 3.5% y/y and the trimmed mean to 4.0%. There has been no improvement over 2024 from December. Petrol prices were around 2% higher in April which could keep headline elevated. It is worth noting that the first month of the quarter doesn't include an update of the services components, which the RBA is particularly concerned about.

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Developed Markets

WEDNESDAY: Australia CPI

April CPI prints on Wednesday and will be watched closely after the RBA revised up its Q2 forecast for both headline and core to 3.8% and cited upside risks to inflation in its statement. Consensus currently sees headline CPI at 3.4% Y/Y. March headline increased 0.1pp to 3.5% y/y and the trimmed mean to 4.0%. There has been no improvement over 2024 from December. Petrol prices were around 2% higher in April which could keep headline elevated. It is worth noting that the first month of the quarter doesn't include an update of the services components, which the RBA is particularly concerned about.

Keep reading...Show less