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Westpac On Today's Nov CPI Print

AUSTRALIA DATA

The local bank's thoughts ahead of today's key Nov monthly CPI release.

"Westpac confirms its forecast for the November Monthly CPI Indicator of 4.5%yr which is a 0.5% increase in the month.


November is the middle month of the quarter so it will provide an important update on many services prices (excluding health and education) that are only surveyed once a quarter. However, it is also important to note that many household goods are surveyed only in the first month of the quarter, including footwear and accessories, and as such they miss the increasingly significant Black Friday/Cyber Monday sales.

As well as services prices (including meals out & takeaway food), November will provide a critical update for:

  • Dwellings and rents (rents fell in October due to government subsidies).
  • Electricity as the impact of government rebates fade.
  • Fresh fruit & vegetables, as we struggle to get good data on this group."

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