Westpac on Oct. inflation gauge: "something changed in 2014", watching closely now

Earlier today we got the monthly inflation measure for Australia, data here

This private research is particularly import in Australia, where we only get official measures of inflation once a quarter (latest here from last week)

Westpac on the data today (in very brief):

• Since its inception the level of the Gauge has appeared to accelerate ahead of the CPI then pause to let the CPI 'catch up' ... But something changed in 2014 and for the last four quarters the average quarterly change in the Gauge has been spot on to the quarterly change in the CPI
• We are now closely watching the Gauge for a lead on the Q4 CPI
• The Gauge is pointing to another very modest print in Q4
• For now, we are comfortable with our 0.4%qtr forecast for Q4 CPI we are closely watching the November Inflation Gauge as part of our information process.