TD Securities/Melbourne Institute (MI) Inflation Gauge for July, +0.2% m/m and +2.6% y/y
- prior was +0.0% m/m
- and +3.0% y/y
The ‘trimmed mean’ comes in at +0.4% m/m and +2.6% y/y
- prior for this was +0.2% m/m
- and +3.0% y/y
–
This is not the official inflation data from Australia, that comes from the Australian Bureau of Statistics once a quarter (like Santa x4), the most recent is here. The m/m and, more importantly, the m/m trimmed mean (the trimmed mean is the data the RBA pay more attention to than the headline figure) for the TD Securities/Melbourne Institute Inflation Gauge have come in slightly warmer than previously, and July is the first month of the new quarter (Q3). Its going to put (a little) more doubt into the assertions that Australian inflation has peaked and is a mild positive for the AUD. On the other hand, the y/y gains (for both the headline and trimmed mean) are lower … indeed TD say the figures are a “soft start” for the third quarter.
