ONLY CHARTS #415

Aus monthly CPI indicator, Aus engineering construction, NZ advertised salaries, Cross-country PMIs

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1. Australia’s monthly CPI fell 0.1% m/m in August in original terms and rose +0.1% m/m in seasonally adjusted terms.

Year-ended CPI inflation rose +0.2ppts to +3.0% y/y. This was bang in line with our expectation but a little above consensus.

2. Australia’s year-ended trimmed mean inflation was +2.6% y/y in August. This measure is not directly comparable to quarterly trimmed mean inflation which is currently the gold standard for the RBA.

Assistant Governor Hunter recently noted that “we really don’t look at [the monthly trimmed mean] series. We don’t think that it’s a good read.”