Australian CPI data due soon - if it jumps it brings a faster RBA rate hike into focus

I posted a preview earlier, here:

• Economic calendar in Asia Wednesday, 27 July 2022 - Australian CPI, & Chinese data also

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The data is due at 0130 GMT
Headline
• expected 1.8% q/q, prior 2.2%
For the y/y,
• expected 6.2%, prior 5.1%
Core inflation
Trimmed mean
• expected 1.5% q/q, prior 1.4%
• expected 4.7% y/y, prior 3.7%
Weighted median
• expected 1.4% q/q, prior 1.0%
• expected 4.3% y/y, prior was 3.2%

ING with RBA implications:

• 2Q22 CPI inflation out shortly will have a direct bearing on how much tightening the RBA does at next week's rate meeting.
• A further 50bp rate hike definitely is on the agenda and priced in already.
• A much stronger figure than the 1.9% QoQ consensus expectation taking inflation well above 6% could see 75bp being considered by markets.

The Reserve Bank of Australia is forecasting core inflation to drop back into its 2 to 3% target band in 2023. I do hope the RBA is self-aware enough to accept how badly it has performed in forecasting inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term and pays heed to data, not to their own misguided projections.