ONLY CHARTS #166

Aus inflation, Aus petrol prices, Aus & NZ net immigration, Aus & NZ international travel, Canada migrant labour market outcomes

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1. This is a different version of a chart we showed yesterday and is very encouraging. The NAB survey measure of output price inflation is almost back to its post-1997 average, a period over which annual trimmed mean inflation has averaged 2.7%.

2. Australian petrol prices are on track for a circa 6% q/q decline in Q2, subtracting nearly 0.2ppts from quarterly headline CPI inflation (and on top of the substantial drag from electricity subsidies)…