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MNI Survey of Australia Q2 Consumer Price Index Inflation 

Repeats Story Initially Transmitted at 07:11 GMT Jul 24/03:11 EST Jul 24
By Sophia Rodrigues
     SYDNEY (MNI) - Australia's consumer price index inflation is expected to
accelerate slightly in the second quarter and take year-on-year inflation inside
the Reserve Bank of Australia's target band for the first time in five quarters.
     According to MNI median forecast based on a poll of 16, the all groups or
headline CPI is expected to rise 0.5% q/q in Q2 compared with a 0.4% rise in Q1.
The y/y CPI is expected to rise 2.2% versus 1.9% in Q1. This would be the first
time in five quarters, and only the second time in 15 quarters that inflation
would be within the RBA's 2% to 3% target band.
     The data will be published by the Australian Bureau of Statistics at 1130
hours local time Wednesday (0130 hours GMT).
     Below are individual forecasts for the second quarter CPI data. 
                     All        All
                  Groups     Groups    Trimmed       Underlying       Underlying
                     CPI        CPI       Mean       Inflation*       Inflation*
--------------------------------------------------------------------------------
                     Q/Q        Y/Y        Q/Q              Q/Q              Y/Y
                % Change   % Change   % Change         % Change         % Change
                      Q2         Q2         Q2               Q2               Q2
Median              +0.5       +2.2       +0.5             +0.5             +1.9
High                +0.6       +2.3      +0.55            +0.55             +2.0
Low                 +0.3       +2.0       +0.4             +0.4             +1.8
Mean                +0.5       +2.2       +0.5             +0.5             +1.9
No of
Respondents           16         16          7               14               15
Previous
Report              +0.4       +1.9       +0.5             +0.5            +1.95
NAB                 +0.5       +2.3       +0.5            +0.45            +1.85
Westpac             +0.4       +2.1        N/A             +0.5             +1.9
ANZ                 +0.5       +2.3        N/A             +0.5             +1.9
CBA                 +0.6       +2.3       +0.5            +0.45             +1.9
UBS                 +0.6       +2.3       +0.5             +0.4             +1.8
Deutsche Bank       +0.4       +2.1        N/A             +0.5             +2.0
TD Securities       +0.6       +2.3      +0.55            +0.55             +2.0
RBC Capital         +0.6       +2.3        N/A             +0.5             +1.9
BA-ML               +0.3       +2.1       +0.4             +0.4            +1.85
St George           +0.3       +2.0        N/A             +0.5             +1.9
Moody's             +0.5       +2.1        N/A              N/A              N/A
StanChart           +0.4       +2.2        N/A              N/A             +1.9
JP Morgan           +0.4       +2.2       +0.5             +0.5             +1.8
Macquarie           +0.5       +2.2       +0.5             +0.5             +1.9
Citigroup           +0.5       +2.2        N/A            +0.55             +2.0
AMP Capital         +0.5       +2.2        N/A             +0.5             +1.9
     * Y/Y Underlying inflation is assumed as the average of trimmed mean and
weighted median measures of inflation.
--MNI Sydney Bureau; tel: +61 2-9716-5467; email: sophia.rodrigues@marketnews.com
[TOPICS: MTABLE]
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