Australian inflation data. This is the monthly data, not the official quarterly data.
Comes in at 4.3% y/y
- expected 4.4%, prior 4.9%
- m/m is +0.4%
Trimmed mean comes in at 4.6%
- prior 5.3%
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 November result includes data for most services, which is where the RBA is most concerned about sticky inflation.
- The full quarterly reading will be on January 31 2024 for the October - December 2023 quarter.
While the drop for November is encouraging, and will trim the probability of a February Reserve Bank of Australia rate hike somewhat, it's the Q4 data that counts most.
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other data published:
Q3 Job Vacancies -0.7% q/q to 388K
- prior -8.9%
