December 1, 2022

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Australia Q2 CPI headline rate 3.8% y/y (vs. expected 3.8%)

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Australian inflation data for April to June 2021   

Headline 

  • 0.8% q/q vs. expected 0.7% q/q, prior 0.6%
  • For the y/y 3.8% vs. expected 3.8%, prior 1.1% …. 3.8% is the highest since 2008

Core inflation: Trimmed mean (RBA target band is 2-3%

  • 0.5% q/q expected 0. 5% q/q, prior 0.3%

  • 1.6% y/y expected 1.6% y/y, prior 1.1%

Another core measure is the ‘weighted median’:

  •  0.5% q/q vs. exp. 0.5% & prior 0.4%
  • 1.7% y/y (1.6 and 1.1% respectively)

Its the core rate of interest to the Reserve Bank of Australia, and its still under target. But its headline, 3.8%, that’ll grab the headlines in the media and be of interest to the politicians. “Inflation highest in 13 years” will be a leader in some rag or another …. count on it. 




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