Australian monthly inflation gauge for January, headline is 0.3% m/m (prior was 0.3%)

Melbourne Institute monthly CPI inflation for January was out earlier.

0.3% m/m

• prior 0.3%

1.8% y/y

• prior 1.4%

Trimmed mean 0.4% m/m (prior -0.1%) and 1.6% y/y (prior 1.5%)

RBA target for core inflation (the trimmed mean) is 2%. So, while this is not the official CPUI data (we only get that once a quarter), and tis still under target, it is a little higher. Some encouragement perhaps for the RBA.