Australia data - monthly headline inflation (from MI) +0.9% m/m, core also +0.9% m/m

MI's inflation gauge for January 2023 points to continued skyrocketing CPI, this the official data for Q4 and December published earlier:

• Australia Q4 Headline CPI 1.9% q/q (expected 1.6%)

January monthly Melbourne Institute Inflation comes in at 0.9% m/m

• prior 0.2%

and 6.4% y/y

• prior 5.9%

Trimmed mean 0.9% m/m & 5.9% y/y

-

The Reserve Bank of Australia meet tomorrow:

• RBA meet February 7 - preview. Poll finds 30 of 31 analysts expect a 25bp rate hike.

An RBA rate hike is a no brainer given this incongruous picture, the current cash rate juxtaposed with the latest official inflation data: