Australia inflation data – Q1 2022 CPI. Trimmed mean +1.4% q/q (expected 1.2%)

Australian Bureau of Statistics with the data.

Headline CPI +2.1% q/q
• expected 1.7% q/q, prior 1.3%
For the y/y, +5.1%
• expected 4.6%, prior 3.5%

Core 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:
Trimmed mean (this is the main measure the RBA will be looking at)

+1.4% q/q
• expected 1.2% q/q, prior 1.0%

+3.7% y/y
• expected 3.4% y/y, prior 2.6% (the RBA target band is 2 to 3%, "on average, over time" (quote from the RBA).)

Weighted median

1.0% q/q
• expected 1.1% q/q, prior 0.9%

3.2% y/y
• expected 3.3% y/y, prior was 2.7%

AUD/USD has popped a little higher on the data. One minute bars:

Both the headline and trimmed mean have come in above consensus expectations. if this does not stick a rocket up the RBA and prompts them to hike next week (meeting is May 3) I don't know what it'll take (the Reserve Bank of Australia have used the 'waiting for wage growth' excuse, so that's what they'll say if they sit on their hands again)

Trimmed mean is the RBA preferred measure of core inflation, so they can't fob this off.

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Background:

• Australian CPI due today - the number to watch to (potentially) trigger a May rate hike

• Two data points of focus in Asia today - Australian inflation and China profits