AUD has jumped on the higher than expected inflation figures.
- The results are also just above RBA forecasts,
This is a nail in the coffin of 2024 rate cuts from the Reserve Bank of Australia.
Hiher than expected headline and core (trimmed mean) inflation data from Australia for the January – March quarter:
You’ll note the blank space for the monthly inflation result, it came in at 3.5%, also higher than expected.
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Summarising the Q1 data:
Headline CPI +1% q/q
- expected +0.8%, prior: +0.6%
Headline CPI 3.6% y/y
- expected 3.5%, prior: 4.1%
Trimmed mean (a core measure) CPI +1% q/q
- expected +0.8%, prior: +0.8%
Trimmed mean CPI 4% y/y
- expected 3.8%, prior: 4.2%
Weighted median 1.1% q/q
- expected 0.9%, prior 0.9%
Weighted median (another core measure) 4.4% y/y
- expected 4.1%, prior 4.4%
Services inflation 4.3% y/y is the lowest since June of 2022
Goods inflation 3.1% y/y is the lowest since September 2022
This article was originally published by Forexlive.com. Read the original article here.