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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.
AUSTRALIA DATA
The November monthly CPI rose 4.3% y/y, against a 4.4% forecast and 4.9% prior. This continues the trend move down in headline inflation pressures. The monthly measured peaked in Dec 2022 at 8.4% y/y, so base effects are still aiding the pull back.
- The ABS measure which excludes certain volatile items (like fuel, fruit and vegetables) rose 4.8% y/y, against a 5.1% gain in Oct.
- By sub-category, trends were mixed. Housing inflation rose by 6.6%, above October's pace, communication was also firmer, up 2.4% y/y (prior 1.8%). Most other categories saw slower y/y momentum. Recreation eased to 1.2% y/y from 2.7% in Oct.
- Food inflation remains elevated across most categories, while meals out and take away food eased back to 5.7%y/y in Nov, from 6.9% in Oct.
- All in all, the data is unlikely to give any renewed hawkishness for the RBA ahead of Feb policy meeting. Note we get for Q4 CPI on Jan 31.
Fig 1: AU Monthly CPI Y/Y
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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