Australian Q3 2023 Headline CPI +1.2% q/q (vs. 1.1% expected)

<p>Higher than expected inflation data from Australia. Right across all three measures:</p><ul><li>headline</li><li>trimmed mean (a core inflation measure)</li><li>weighted median (another core inflation measure)</li></ul><p>The topside surprise on the headline and core measures of inflation will put pressure on the Reserve Bank of Australia to hike in November. </p><p>AUD/USD has jumped higher, and market pricing for a rate hike has also. </p><p>The 'trimmed mean' is the preferred measure of underlying, or core, inflation.</p><p>There is another core measure, the weighted median:</p><ul><li>1.3% q/q vs. expected 1.0% and prior 1.0%</li><li>5.2% y/y vs. expected 5.0%, prior 5.5%</li></ul><p>—</p><p>RBA Gov. Bullock will be speaking tomorrow. Brace yourself from some added hawkishness:</p><ul><li><a href="https://www.forexlive.com/centralbank/reserve-bank-of-australia-governor-bullock-will-be-appearing-in-parliament-after-cpi-data-20231024/" target="_blank" rel="follow" data-article-link="true">Reserve Bank of Australia Governor Bullock will be appearing in parliament after CPI data</a></li></ul><p>—</p><p>Background on today's data:</p><ul><li><a href="https://www.forexlive.com/centralbank/preview-australian-official-q3-cpi-data-is-due-today-could-cause-the-rba-some-discomfort-20231024/" target="_self">Preview: Australian official Q3 CPI data is due today, could cause the RBA some discomfort</a></li></ul><ul><li><a href="https://www.forexlive.com/centralbank/aud-traders-nab-says-cpi-data-to-be-higher-than-rba-expects-forecast-november-rate-hike-20231023/" target="_blank" data-article-link="true">AUD traders – NAB says CPI data to be higher than RBA expects, forecast November rate hike</a></li><li><a href="https://www.forexlive.com/centralbank/the-good-news-bad-news-preview-of-australia-cpi-data-due-wednesday-20231023/" target="_blank" data-article-link="true">The good news / bad news preview of Australia CPI data due Wednesday</a></li></ul><ul><li><a href="https://www.forexlive.com/news/preview-of-australian-q3-cpi-data-due-today-risks-skewed-to-the-upside-20231024/" target="_self">Preview of Australian Q3 CPI data due today – risks skewed to the upside</a></li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.