Inflation data from Australia for the January - March quarter of 2023:
The 'trimmed mean' is the preferred measure of underlying, or core inflation .
There is another core measure, the weighted median:
1.2% q/q
- expected 1.3%, prior 1.6%
5.8% y/y
- expected 5.9%, prior 5.8%
-
Also out from the Australian Bureau of Statistics is the monthly reading for March:
- 6.3% y/y (expected 6.6%, prior 6.8%)
- 0.5% m/m (prior 0.6%)
-
Tradeables 6% y/y
- Non-tradeables 7.5% (showing stronger domestic price pressures) (Non-tradeable inflation measures final goods and services that do not face foreign competition and is an indicator of domestic demand and supply conditions. However, the inputs of these goods and services can be influenced by foreign competition.)
-
For the quarterly number:
Headline higher than expected, while both core measures are lower than expected. The RBA have said they are focused on the headline, but they'll be happy with the core move nonetheless.
Still, the target band is 2 to 3% so the result is still awful.
-
Background to the data:
