Inflation in Australia is, at best, steady and sticky. But, there are indications that its climbing again; last week's (admittedly partial) CPI data:
- 4.1% vs 3.8% prior
And, a response:
- The surprising uptick in inflation, coupled with fiscal stimulus measures and the RBA's current policy bias, strengthens the case
Yesterday was more (partial) inflation data:
- Australian private survey of inflation, June 2024: +0.3% m/m (prior +0.3%)
Inflation rising is not a done deal, but its not gone away either. The RBA only discussed a rate hike and a hold at the June meeting:
- RBA leaves cash rate unchanged at 4.35%, as expected
- RBA's Bullock: We did not consider the case for a rate cut today
- RBA's Bullock: We need a lot to go our way to bring inflation back to range
The minutes today will shed more light on where the RBA is at. But it ain't cutting any time soon. The minutes are due at 0130 GMT, 2130 US Eastern time:
This snapshot from the ForexLive economic data calendar, access it here.
The times in the left-most column are GMT.
The numbers in the right-most column are the 'prior' (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.
