Australia – TD Securities/Melbourne Institute (MI) Inflation Gauge for May: +0.3% m/m (vs. prior was 0.4% m/m)

TD Securities/Melbourne Institute (MI) Inflation Gauge for May, +0.3 % m/m

• prior was 0.4% m/m

For the y/y, comes in at +2.9 %

• prior was 2.8% y/y

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While the y/y is up at the top end of the RBA target band (of 2 – 3%), and is at its highest in 3 years, it should be noted that the m/m result has eased a little, down from the prior month’s +0.4% to +0.3%.

The ‘underlying’ inflation measure from TD/MI (the trimmed mean) came in at +0.2% m/m (down from +0.5% prior) and 2.9% y/y (down from +3.1% y/y prior)