Australian April CPI 3.6% y/y, wel above the consensus estimate

  • expected 3.4%, prior 3.5%
  • for the m/m +0.76%

This will trigger 'later rate cut' calls.


Trimmed mean: 4.1% y/y

  • prior: 4.0%

CPI excluding volatile items & holiday travel 4.1% y/y

  • prior: 4.1%

The trimmed mean is a 'core' or 'underlying' measure of inflation. Its risen on the month. See below for why the monthly CPI is not viewed as official inflation data. but, this reading, headline and trimmed mean, is not pretty.


The monthly CPI data from Australia does not show all components of the CPI, that'll have to wait for the quarterly data release.

  • The monthly CPI indicator does, however, provide a timelier indication of inflation using the same data collected for use in the quarterly CPI. The monthly reading includes updated prices for between 62 and 73 per cent of the weight of the quarterly CPI basket, its not the full picture.

The quarterly CPI reading for the April - June quarter is due on Wednesday 31 July 2024.

rba cash inflation cpi rate 08 May 2024 2

The RBA will have to update their site.