ONLY CHARTS #294

Aus monthly CPI, Aus temporary visa holders, Aus Q4 engineering construction, NZ Activity Index

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1. Australia’s monthly CPI was unchanged in February and dipped slightly to +2.4% on a year-ended basis. That was in line with our forecast but a bit below consensus.

The CPI rose just +0.1% m/m in seasonally adjusted terms.

2. Australia’s year-ended trimmed mean inflation slowed +0.1ppts to +2.7% y/y in February. This is a different beast to the trimmed mean measure based on quarterly CPI data, in part because it is ‘trimmed’ at the annual level.

While the February trimmed mean outcome is tracking below the RBA’s February SMP forecast, this monthly measure was also well below the quarterly trimmed mean outcome for Q4.