ONLY CHARTS #156

Aus monthly CPI, Aus construction, NZ filled jobs

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1. Australia’s monthly CPI was unchanged in July and slowed to +3.5% y/y from +3.8% y/y in June. This was a bit above our forecast of +3.3% y/y.

Stronger-than-expected food price inflation in July accounted for most of the forecast ‘miss’ (though the trend has been down).

2. Excluding petrol, fruit & veg and travel, year-ended inflation declined to +3.7% y/y in July from +4.0% y/y in June. This was close to our +3.6% y/y nowcast.