ONLY CHARTS #114

Aus CPI, Canada CPI, Services inflation, RBA 'neutral', Aus hhold debt repayments, Aus engineering construction

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1. Australia’s monthly CPI for May rose +4.0% y/y, above our/consensus expectations for +3.8% y/y and up from +3.6% y/y in April.

Less weakness than we expected in the volatile holiday travel & accommodation category accounted for all of the upside surprise.

2. The more important CPI ex travel and ‘volatiles’ measure also rose +4.0% y/y (+4.1% y/y on a seasonally adjusted basis), which was in line with our forecast (of +4.1% y/y).