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Australia’s May headline CPI was a bit softer than we had expected but trimmed mean inflation was strong and remained well above the inflation target.
We will update our nowcast for Australia’s Q2 CPI later today for subscribers to Antipodean Macro Professional.
1. Australia’s monthly CPI fell 0.7% m/m in May in original terms and was 0.1% m/m lower after seasonal adjustment. This was a bit softer than our nowcasts.
Year-ended CPI inflation slowed to +4.0% y/y from +4.1% y/y in April (Our nowcast was +4.1% y/y.)
As expected, lower fuel prices (-11.9% m/m) subtracted 0.4pts from monthly headline inflation.
The volatile holiday travel & accommodation category fell 6.9% m/m in original terms and subtracted 0.4ppts from monthly CPI inflation. This decline was more pronounced than we had pencilled in. Holiday travel prices fell 0.7% m/m in seasonally adjusted terms.
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