A private inflation measure from Australia
Melbourne Institute inflation gauge for June
- +0.6% m/m (previously -0.2%). TThat's the biggest gain m/m since December of 2013
- +1.5% y/y (1.0%)
MI cite rises in petrol (that's how we spell gasoline all you lot in the US) and food (& that's how we spell food)
The 'trimmed mean' from MI is +0.2% m/m and +1.2% y/y. More subdued rise for the trimmed mean, it excludes volatile items like, errr, petrol and food.
This big jump in m/m inflation will cast doubt on an August rate cut from the RBA (tomorrow's meeting of the bank is expected to result in an on hold decision).
Along with Moody's comments on Aussie ratings, the data helping AUD a little higher. its yet to fully cover the 'gap' lower this morning from Friday's late US highs.
