Australian monthly CPI (February) 6.8% (vs. expected 7.1%)

February 2023 headline CPI is 6.8% y/y, better (lower) than expected and from January

• expected 7.1%, prior 7.4%
• excluding volatile fruit, vegetables and fuel +6.9% y/y (from 7.55% in January)

For the m/m comes in at +0.2%

Augurs well for an RBA pause at its meeting next Tuesday (April 4).

Looking more and more like inflation has peaked. Doesn't mean it'll fall back to target (which is 2 to 3%) any time soon of course.

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I posted previews of this earlier:

• Australian retail sales data added to the case for RBA pause in April ... but CPI tomorrow

• Australian inflation data due today - monthly CPI for February 2023

There is more in those posts also on the shortcomings of the month;y CPI data. The quarterly is the 'official' measure. That will be published on April 29 for the January - Match 2023 quarter.