Highlights
- CPI increased by 4.9% in July, lower than economists’ forecast of 5.2%.
- Housing contributed most to annual price increases, while automotive fuel and fruits contributed to a softer headline figure.
- Excluding volatile items, the annual inflation rate softened from 6.1% to 5.8%.
Australian Monthly CPI Indicator
After better-than-expected Australian retail sales numbers on Monday, inflation figures drew interest this morning. A mixed set of economic indicators has delivered RBA monetary policy uncertainty. With the RBA battling to tame inflation, a pickup in consumption and consumer price inflation would have fueled bets on further RBA moves to bring inflation to target.
However, the Monthly Consumer Price Index (CPI) Indicator increased by 4.9% in July versus 5.4% in June. Economists forecast…
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