Australian inflation data for the January to March quarter 2019

Headline is:

0.0% q/q, unchanged on the quarter and lower than what was the central consesnsus estimate

  • expected 0.2% q/q
  • prior was 0.5%

For the y/y, 1.3%, lower than median consensus estimate

  • vs. expected 1.5%
  • prior 1.8%

Core inflation:

Trimmed mean, lower than median consensus estimate

0.3% q/q

  • expected 0.4%
  • prior 0.4% q/q

1.6% y/y, lower than median consensus estimate

  • expected 1.7%
  • prior 1.8%

Weighted median, lower than median consensus estimate

0.1% q/q

  • expected 0.4%, prior was 0.4%

1.2% y/y, lower than median consensus estimate

  • For weighted median y/y, expected 1.6%, prior was 1.7%

Are these results enough to shake the RBA Board from its complacency?

AUD seems to think so, marked lower immediately to its lowest in a month.

Core inflation has been under the band targeted by the Reserve Bank of Australia for three years now. And today's data falls even further under .

This from Westpac I posted prior t the data, the core rate is even lower after today's data.

Core cpi in Australia under the RBA target band

The RBA meet next on May 7. Complicating deliberations at this meeting is the election a couple of weeks later.