ONLY CHARTS is available to paid subscribers.
A 7-day free trial is available below. Group discounts are available here.
Antipodean Macro’s in-depth research is available here.
1. Australia’s monthly CPI rose +0.9% m/m in July in both original and seasonally adjusted terms.
Year-ended CPI inflation was +2.8% y/y, up from +1.9% y/y in June, and well above market expectations and our forecast.
Most of the upside surprise was because of stronger-than-expected rises in energy and travel prices in July, which combined contributed a little more than 0.6ppts to monthly headline inflation (see below).
2. Australia’s year-ended trimmed mean inflation bounced back to +2.8% y/y in July.
As noted previously by us and the RBA, the monthly trimmed mean is a different beast to the trimmed mean measure based on quarterly CPI data, in part because it is ‘trimmed’ at the annual level.
Keep reading with a 7-day free trial
Subscribe to Antipodean Macro to keep reading this post and get 7 days of free access to the full post archives.