Australian private survey of inflation, June 2024: +0.3% m/m (prior +0.3%)

Private survey of inflation from the Melbourne Institute

Inflation for June 2024 comes in at +0.3% m/m

• prior +0.3%

For the y/y, +3.2%

• prior 3.1% (lowest in 21 months)

Trimmed mean (core measure) +0.2 %m/m and +3% y/y

• prior 0.3 and 3.2 respectively

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From last week's CPI from the Australian Bureau of Statistics for May:

• 4.1% vs 3.8% prior

the prospects of another Reserve Bank of Australia interest rate hike loom:

• The surprising uptick in inflation, coupled with fiscal stimulus measures and the RBA's current policy bias, strengthens the case

The next RBA meeting is on 5–6 August. We get official, quarterly, CPI data on July 31 ahead of that. The CPI data I just quoted above is the monthly reading for May 2024. The monthly CPI data from Australia does not show all components of the CPI, that'll have to wait for the quarterly data release.

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Earlier from Australia:

• Australian final manufactureng PMI for June plunges further into contraction @ 47.2