The monthly Consumer Price Index (CPI) indicator
- +6.8% in June y/y
- +7.0% in the year to July
- +6.8% to August
- The monthly CPI indicator excluding volatile items of fruit, vegetables and fuel increased from an annual rise of 5.5 per cent in June, to 6.2 per cent in August.
Given the newness of the indicator I'm hesitant to draw conclusions. But, throwing caution to the wind ... it appears core inflation (as indicated by the "excluding volatile items of fruit, vegetables and fuel") at 6.2% in August from +5.5% in June continues to ratchet higher.
As posted earlier, the Reserve Bank of Australia is meeting on October 4 and is widely expected to raise the cash rate by 50bp again.
Dr David Gruen AO, Australian Statistician:
- “The information released today provides an early indication of September quarter CPI inflation that will be published on 26 October 2022. The new monthly CPI indicator publication will also be released on 26 October and will include data up to the month of September.”
Background to this is here: