Australia monthly private sector survey of inflation: 0.0% m/m (prior +0.1%)

Official CPI data from Australia is only published once per quarter, so this monthly gauge is a useful guide

0.0 % m/m

• prior 0.1% m/m

1.6 % y/y

• prior 1.9%

For the 'trimmed mean, that has come in at +0.1% m/m and +1.3% y/y. Like I said above, this is not the official CPI … but I should add its not bad an approximation. And yieks, that trimmed mean result is low. the RBA target band for inflation is 2 to 3%.

I read somewhere last week that Australia is turning into Japan (slow growth, low inflation). I didn't pay it much attention, Maybe I should have.

Ok, so trimmed mean (a measure of core inflation) is 1.3% and well below RBA target. A rate hike coming? I don't think so.

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Earlier today from Aust.

• Australia CBA / Markit Nov. manufacturing PMI: 54.6 (prior 54.5)
• Australian Industry Group Performance of Manufacturing Index (Nov) 51.3 (prior 58.3)