Inflation data from Australia for the April - June quarter of 2023, along with June month CPI also:
The 'trimmed mean' is the preferred measure of underlying, or core, inflation.
There is another core measure, the weighted median:
- 1.0% q/q vs. expected 1.1% and prior 1.2%
- 5.5% y/y vs. expected 5.4%, prior 5.8%
Note that the 'prior' for monthly inflation was revised lower, to 5.5%.
Looking at inflation over the last six months, its 2.6% annualised. That is a positive result the RBA will like. Their target band is 2 to 3%. Heading in the right direction.
Mixed results but both headline and trimmed mean are lower than were expected. Services inflation is a particular concern for the Reserve Bank of Australia, and it hit a 22-year high of 6.3% due to rents, restaurant meals, holiday travel and insurance.
For background on this:
- Australian CPI data due today, preview - expect another RBA rate hike next week
- Australian CPI data due today, preview - big undershoot needed to stop the RBA from hiking