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Today marked the release of the first full monthly CPI for Australia. Headline series have short histories, with most starting in April 2024 (meaning that growth rates are even shorter).
There will be learnings for a little while, but our focus today is on measures of underlying, services and housing inflation.
Today’s data didn’t dissuade our view that underlying inflation has picked up in H2.
1. Australia’s monthly CPI was unchanged in October in original terms but rose +0.3% m/m post seasonal adjustment.
Year-ended CPI inflation was +3.8% y/y, up from +3.6% y/y in September.
2. Australia’s monthly trimmed mean inflation was a solid +0.33% m/m in October (seasonally adjusted) and +0.9% q/q in 3m/3m terms. Year-ended trimmed mean inflation picked up slightly to +3.3% y/y.
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