Melbourne Institute monthly inflation gauge flat m/m
- prior +0.2%
+5.7% y/y
- prior +6.1%
For the trimmed mean, +0.1% m/m and +5.1% y/y
- prior +0.1% m/m and +5.7% y/y
This indicator is moving in the right direction for the RBA. CPOI levels are still elevated though. And the trimmed mean, while having dipped, is showing underlying inflation pressure is still well above the top of the RBA’s 2 – 3 % target band.
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AUD is little changed.
The Reserve Bank of Australia meet tomorrow and are widely expected to keep the cash rate unchanged. The next official reading on CPI is the quarterly data due on October 25, which means the November RBA meeting is still live until we get those numbers.
This article was written by Eamonn Sheridan at www.forexlive.com.
