Inflation data from Australia for the July - September quarter and for September month.
- 2.8% y/y headline, below the top of the RBA target band of 2 - 3%.
- Trimmed means is a core measure, comes in at 3.5% y/y
The other measure of core inflation is 'weighted median':
0.9% q/q
- expected 0.8%, prior 0.8%
3.8% y/y
- expected 3.6%, prior 4.1%
Headline inflation (lowest since early in 2021) has benefitted from government paying temporary rebates and subsidies. These will roll off and headline inflation is likely to pop back up again in the quarters ahead.
The Reserve Bank of Australia meet again on November 4 and 5. There will be no rate cut at this meeting given these numbers.
There is a final meeting on December 9 -10 and I'd suggest no cut then either. February remains a top choice among analysts.
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