AUSTRALIA DATA
Source: MNI - Market News/ABS
- Domestically-driven services prices were updated in November and they moderated to 4.2% y/y, the lowest since April, down from 4.8%. The series is a bit volatile and November was in line with the 2024 average but 3-month momentum has been trending lower since June. Non-tradeables rose to 3.2% y/y from 3.0% but below September’s 3.5%.
- Goods inflation remained subdued at 0.8% y/y but up from 0.1% in October with tradeables up 0.1pp to 0.6% y/y. RBA Governor Bullock warned previously that the disinflationary impact from goods prices is probably done.
- The timing of electricity rebate payments contributed to the pickup in headline inflation. The ABS said that prices fell 21.5% y/y in November after -35.6% y/y. Excluding all subsidies, electricity would have been down 1.7% y/y.
- Petrol prices put less downward pressure on headline inflation in November falling 10.2% y/y after -11.5%, and they posted their first monthly rise since June.
- Rents increased 6.6% y/y after 6.7%, as the market remains tight. New dwelling inflation eased to 2.8% y/y from 4.2%, the lowest since July 2021. The ABS notes that builders are offering deals to attract customers.
- Food & non-alcoholic beverages rose 2.9% y/y down from 8.5% in October.
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