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1. Australian firms continued to report elevated input cost inflation in July and selling price inflation rose noticeably after slowing sharply in June (higher fuel costs undoubtedly contributing).
Looking through the volatility, firms’ reported selling price inflation is broadly consistent with still-elevated underlying inflation pressures in the Aussie economy.
2. The composite PMI for July showed a similar pattern, with reported input price inflation remaining well above average and output price inflation picking back up.
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