ONLY CHARTS #200

Aus CPI

1. Australia’s Q3 headline CPI inflation was a little below market and our expectations at +0.2% q/q and +2.8% y/y.

As expected, large price declines for electricity (-17.3% q/q) and petrol (-6.7% q/q) subtracted a combined 0.65ppts from quarterly inflation in Q3.

2. Trimmed mean inflation was +0.78% q/q and +3.5% y/y, which was in line with consensus expectations and close to our +0.76% q/q nowcast. It was also in line with the RBA’s August SMP forecasts.