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1. Australia’s monthly CPI rose +0.36% m/m in January in original terms and +0.5% m/m after seasonal adjustment. Our nowcasts were +0.2% m/m and +0.5% m/m, respectively.
Year-ended CPI inflation was +3.8% y/y, up slightly from +3.7% y/y in December.
Electricity prices rose +18.5% m/m in January (+12.5% m/m seasonally adjusted) - we had +15% m/m pencilled in - and contributed a little more than 0.3ppts to monthly headline inflation on a seasonally adjusted basis. Lower fuel prices (-3.2% m/m) provided a partial offset (-0.1ppts).
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