Australian Q2 Headline CPI 0.8% q/q (vs. 1.0% expected)

<p>Inflation data from Australia for the April – June quarter of 2023, along with June month CPI 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>1.0% q/q vs. expected 1.1% and prior 1.2%</li><li>5.5% y/y vs. expected 5.4%, prior 5.8%</li></ul><p>Note that the 'prior' for monthly inflation was revised lower, to 5.5%.</p><p>Looking at inflation over the last six months, its 2.6% annualised. That is a positive result the RBA will like. Their target band is 2 to 3%. Heading in the right direction. </p><p>Mixed results but both headline and trimmed mean are lower than were expected. Services inflation is a particular concern for the Reserve Bank of Australia, and it hit a 22-year high of 6.3% due to rents, restaurant meals, holiday travel and insurance.</p><p>—</p><p>For background on this:</p><ul><li><a href="https://www.forexlive.com/centralbank/australian-cpi-data-due-today-preview-expect-another-rba-rate-hike-next-week-20230725/" target="_self" rel="follow">Australian CPI data due today, preview – expect another RBA rate hike next week</a></li><li><a href="https://www.forexlive.com/centralbank/australian-cpi-data-due-today-preview-big-undershoot-needed-to-stop-the-rba-from-hiking-20230725/" target="_self" rel="follow">Australian CPI data due today, preview – big undershoot needed to stop the RBA from hiking</a></li></ul><ul><li><a href="https://www.forexlive.com/centralbank/australian-cpi-data-due-today-preview-rba-will-be-comforted-no-rate-hike-next-week-20230726/" target="_self" rel="follow">Australian CPI data due today, preview – RBA will be comforted, no rate hike next week</a></li></ul>

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