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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
The June monthly CPI eased to 5.4%, in line with consensus, from the downwardly-revised 5.5% in May. This was the lowest rate since February 2022. It rose 0.5% m/m seasonally adjusted after being flat in May. Importantly, 3-month momentum continues to ease towards the top of the RBA’s band and was 3.7% in June.
- The trimmed mean measure was stable at 6.1% but CPI ex volatile items & holiday travel eased to 6% from 6.4% with 3-month momentum continuing to moderate.
- June inflation was driven by housing (+7.4% y/y), food (+7%) and recreation & culture (+6.8%), whereas auto fuel fell 10.6%. Rents rose to 7.3% y/y from 6.3% due to the tightness of the market. New dwelling prices eased further to 6.6%, due to less demand and lower costs.
- Electricity (+10.2% y/y) and gas (+22.2%) price inflation moderated due to government measures but remain high.
- There were revisions to the series, as monthly gas prices were included from October 2021 replacing the quarterly ones from then. There will be a partial update of CPI weights in Q3, which the ABS says will increase the weight of international holiday travel. These weights will be published with the July CPI on August 30.
Monthly CPI 3-month momentum %
Source: MNI - Market News/ABS
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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