Australia: Melbourne Institute January headline inflation gauge +0.3% m/m (prior +1.0%)

<p>Last month this data sent a shiver through Australian financial markets, with a huge jump:</p><ul><li><a href="https://www.forexlive.com/news/australian-private-survey-of-inflation-soared-by-1-mm-in-december-the-most-in-17-months-20240115/" target="_blank" rel="follow" data-article-link="true">Australian private survey of inflation soared by 1% m/m in December, the most in 17 months</a></li></ul><p>Since then we had more subdued official data:</p><ul><li><a href="https://www.forexlive.com/news/australian-q4-headline-cpi-41-yy-vs-43-expected-20240131/" target="_blank" rel="follow">Australian Q4 headline CPI 4.1% y/y vs 4.3% expected</a></li></ul><p>For January, headline rates:</p><p>+0.3% m/m</p><ul><li>prior +1.0%</li></ul><p>4.6% y/y</p><ul><li>prior 5.2%</li></ul><p>Trimmed mean (a measure of core inflation)</p><p>+0.2% m/m</p><ul><li>prior +0.9%</li></ul><p>4.4% y/y</p><ul><li>prior 5.2%</li></ul><p>—</p><p>The RBA statement for February is due tomorrow:</p><ul><li><a href="https://www.forexlive.com/news/australia-january-services-pmi-491-prior-471-20240204/" target="_blank" rel="follow"> is expected to keep the cash rate on hold at its current 12 year high</a></li></ul>

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