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REPEAT:DATA ANALYSIS:Australia CPI Shows Inflation Still Muted 

Repeats Story Initially Transmitted at 02:35 GMT Jul 25/22:35 EST Jul 24
By Sophia Rodrigues
     SYDNEY (MNI) - Australia's consumer price index inflation rose less than
expected in the second quarter, marking the seventh consecutive quarter where
the outcome fell short of expectations, but the year-on-year climbed into the
Reserve Bank of Australia's target band for the first time in five quarters.
     The data shows there is yet little sign of inflation pressures building in
the economy but doesn't have any immediate implication for the RBA's monetary
policy stance because Governor Philip Lowe has already stated he will remain
patient with inflation as long as the labor market is improving.
     Data published by the Australian Bureau of Statistics Wednesday showed
headline CPI rose 0.4% q/q, falling short of MNI median forecast for +0.5%.
Headline CPI y/y rose 2.1%, lower than the 2.2% rise forecast but entered the
RBA's 2% to 3% target band.
     The 2.1% y/y rise matched the increase last seen in Q1 of 2017 and was only
the second quarter in the last 12 when CPI rose above 2.0%.
     Underlying CPI - roughly taken as the average of trimmed mean and weighted
median measures of inflation -- rose in line with expectation at 1.9% y/y, but
slowed from 2.0% in Q1 (upwardly revised from +1.95%).
     In the latest quarter, the rise in inflation came from the transport group
due to 6.9% q/q rise in automotive fuel.  The other significant price rise was
tobacco which rose 2.8%.
     The clothing and footwear group rose 1.3% q/q to mark the first rise in
seven quarters. The increase was mainly due to a 2.2% rise in price for garments
for women as discounts were discontinued.
     In case of furnishings and household equipment, the pace of inflation
accelerated in Q2, rising 0.3% q/q after two quarters of decline.
     Inflation in the communication arena continued its decline, falling 1.3%
q/q to mark 16 straight quarters of fall. The y/y fall accelerated to 4.2%, the
biggest since Q1 of 2017.
     Housing CPI slowed in Q2, rising just 0.2% q/q, the slowest pace of
increase since Q4 of 2015.
     Non-tradable inflation rose 3.0% y/y in Q2, but slowed from a 3.1% rise the
quarter before. Tradable CPI rose 0.3% y/y after three straight quarters of
decline. 
--MNI Sydney Bureau; tel: +61 2-9716-5467; email: sophia.rodrigues@marketnews.com
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