Australian CPI data "raise the risk the RBA will begin its easing cycle earlier than May"

The data is here:

• Australian November CPI 2.3% y/y (vs. expected 2.2%)

More:

• AUD/USD towards 0.6220 after encouraging CPI data

Comments from Capital Economics in response to the numbers comes via Reuters report:

• "The good news is that measures of core inflation suggest that underlying price pressures are indeed easing in earnest"
• if the result is replicated in the quarterly CPI report due later this month, it would give the RBA greater confidence that it is on track to meet its inflation mandate. "The upshot is that today’s data raise the risk that the RBA will begin its easing cycle earlier than May, as we’re currently predicting"

RBA 2025 dates:

The 31 march - April 1 meeting is firming up for a 25bp rate cut.