Australia's privately surveyed monthly inflation gauge comes from the Melbourne Institute of Applied Economic & Social Research at the University of Melbourne:
Headline inflation jumped 1% m/m in December, from 0.3% in November
- This is the biggest leap higher in 17 months
- For the y/y, comes in at 5.2% in December, way above the 4.4% recorded in November
Monthly trimmed mean inflation +0.9% in December
- this equals the highest ever jump m/m for this indicator
For the y/y, +5.2% in December
from 3.8% in November
- the biggest move higher since May 2023
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Prior to the Australian Bureau of Statistics' monthly inflation survey beginning this from the Melbourne Institute was the only guide we had to monthly inflation. It was, and remains, a well-respected survey.
Its completely at odds with the latest from the ABS, although that was for November, not December:
The ABS publish the December month results on January 31, although it's the quarterly data published the same day that the focus will be on:
The RBA is concerned that inflation in Australia is sticky above its 2 - 3% target band. This data would seem to reinforce that concern.
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In other data, Australian ANZ Job Advertisements for December have come in at +0.1% m/m
- prior -5.1%
- down 17.5% from the November 2022 peak.
