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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.
AUSTRALIA DATA
The ABS has released the monthly goods/services and tradeables/non-tradeables components which given the RBA’s focus on services will be helpful. In the August RBA statement it said that “goods price inflation has eased, but the prices of many services are rising briskly”. Both services and non-tradeables inflation are off their peak but are not only still “too high” but are looking sticky. Goods/tradeables are driving the moderation in headline CPI.
- There was a sharp rise in June services inflation to 6.3% y/y and that eased to 5.6% in July but the series is volatile and has been zigzagging since the start of 2023. It continues to run ahead of goods prices which rose 4.4% y/y in July down from 4.7%. Wages are an important driver of services inflation.
Australia services vs goods CPI y/y%
Source: MNI - Market News/ABS
- The move down in the domestically-driven non-tradeables CPI was not as pronounced at 6.5% y/y from 6.6%. It has been running around this rate for the last three months and is looking reluctant to come down further. It is off its December peak of 7.7%. Tradeables moderated sharply to 1.7% from 3.2%.
Australia non-tradeables vs tradeables CPI y/y%
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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