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We will update our nowcast for Australia’s full Q1 CPI later today for subscribers to Antipodean Macro Professional.
1. Australia’s monthly CPI was unchanged in February in original terms as we expected. The seasonally adjusted CPI rose +0.22% m/m which was a little below our nowcast of +0.3% m/m.
Year-ended CPI inflation was +3.7% y/y, down slightly from +3.8% y/y in January.
Lower fuel prices (-3.4% m/m) subtracted ~0.1ppts from monthly headline inflation but all that has changed in March, with a circa 30% m/m increase likely.
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