A much better inflation figure from Australia that probably takes a July rate hike off the table.
Comes in at 5.6% y/y, a 13 month low
- expected 6.1%, prior 6.8%
The ‘core’ reading that takes out volatile items and holiday travel is not so encouraging, though, coming in at 6.4% y/y
The trimmed mean is 6.1% y/y, from 6.7% in April.
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May m/m headline is 0.0% vs. +0.3% in April
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The monthly CPI indicator does not reflect the full basket of consumer goods in each month and has only a short back history. The quarterly CPI is more complete is the standard reference for inflation in Australia. We get the next quarterly release, for Q2 2023, on Wednesday 26 July 2023.
RBA