The Monthly CPI (inflation ) report is not as comprehensive as the quarterly and should be viewed as a guide only.
Comes in at 6.8% y/y … the RBA won’t like this
- expected 6.4%, prior 7.0%
The most significant price rises were Housing (+8.9%), Food and non-alcoholic beverages (+7.9%) and Transport (+7.1%). Petrol (gasoline) prices in the month of April were much higher than in March.
The ABS adds:
- The annual movement for the monthly CPI excluding volatile items and holiday travel rose 6.5% in April, down from 6.9% in March. This series excludes Fruit and vegetables, Automotive fuel and Holiday travel and accommodation.
The ‘excluding volatile items’ coming in lower is a bit of relief in this report.
more to come