Australian monthly CPI (February) 6.8% (vs. expected 7.1%)

February 2023 headline CPI Headline CPI The headline Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by consumers for a basket of goods and services. Headline CPI is a term that traders use to avoid confusion with core CPI, which strips out the volatile prices changes of food and energy. It is a widely used measure of inflation, and is calculated and published by statistical agencies, such as Statistics Canada and the Bureau of Labor Statistics (BLS) in the United States.The basket of goods The headline Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by consumers for a basket of goods and services. Headline CPI is a term that traders use to avoid confusion with core CPI, which strips out the volatile prices changes of food and energy. It is a widely used measure of inflation, and is calculated and published by statistical agencies, such as Statistics Canada and the Bureau of Labor Statistics (BLS) in the United States.The basket of goods Read this Term is 6.8% y/y, better (lower) than expected and from January

• expected 7.1%, prior 7.4%
• excluding volatile fruit, vegetables and fuel +6.9% y/y (from 7.55% in January)

For the m/m comes in at +0.2%

Augurs well for an RBA pause at its meeting next Tuesday (April 4).

Looking more and more like inflation has peaked. Doesn't mean it'll fall back to target (which is 2 to 3%) any time soon of course.

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I posted previews of this earlier:

• Australian retail sales data added to the case for RBA pause in April ... but CPI tomorrow

• Australian inflation data due today - monthly CPI for February 2023

There is more in those posts also on the shortcomings of the month;y CPI data. The quarterly is the 'official' measure. That will be published on April 29 for the January - Match 2023 quarter.