The headline I wanted to write is this, but it wouldn't fit.
Did you see the RBA inflation projection? Did you see the private survey result yesterdays?
Let me explain
Here is today's RBA:
- Inflation is expected to pick up over the next couple of years, with the pick-up likely to be gradual. The central scenario is for inflation to be 2¼ per cent in 2019
Here is the Melbourne Institute monthly inflation guide (released yesterday):
Australia monthly private sector survey of inflation:
But ladies and gentlemen …. check out the 'core measure' from that survey (the one to watch):
- For the 'trimmed mean, that has come in at +0.1% m/m and +1.3% y/y
(bolding mine …. teeth grinding mine too)
I cannot see The central scenario is for inflation to be 2¼ per cent in 2019
happening.
I can see police raids on the RBA Martin Place office to bust them for whatever it is they are smoking.
ps. to the folks at the RBA, have a great holiday (srsly)
pps. Earlier RBA posts on the decision today:
- RBA announce no change to cash rate target, as expected, but here is what did change
- RBA announce cash rate remains on hold at 1.5%, as expected
And, previews for background
