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AUSTRALIA DATA: NAB Prices Signal Lower Inflation, Costs Need Monitoring

AUSTRALIA DATA
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NAB business confidence continued its trend of oscillating around the zero mark with it falling to -1 in February from January’s +5. Business conditions were one point higher at +4 driven by profitability and trading but most components only saw small moves. Prices were encouraging signalling a further moderation in inflation in Q1 but costs picked up.

  • Purchase costs rose 1.5% 3m/3m in February, the highest rate since August. It remains to be seen if demand is strong enough for this to feed into higher inflation as the price of finished products rose only 0.5% 3m/3m, the slowest rate in four years. Retail price rises remained strong +1.0% in line with January despite still cautious spending. 

Australia NAB prices vs CPI y/y%

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NAB business confidence continued its trend of oscillating around the zero mark with it falling to -1 in February from January’s +5. Business conditions were one point higher at +4 driven by profitability and trading but most components only saw small moves. Prices were encouraging signalling a further moderation in inflation in Q1 but costs picked up.

  • Purchase costs rose 1.5% 3m/3m in February, the highest rate since August. It remains to be seen if demand is strong enough for this to feed into higher inflation as the price of finished products rose only 0.5% 3m/3m, the slowest rate in four years. Retail price rises remained strong +1.0% in line with January despite still cautious spending. 

Australia NAB prices vs CPI y/y%

Keep reading...Show less