Australia Melbourne Institute Inflation August 2024 -0.1% m/m (prior 0.4%)

Australia Melbourne Institute Inflation August 2024 -0.1% m/m (prior 0.4%), its first drop in 6 months

• and 2.5% y/y for a three-year low (prior 2.8%)

Trimmed mean inflation gauge flat m/m in August

• lowest in 10 months
• and 2.2% y/y, a 32-month low of 2.2% (vs. 2.6% prior)

Lower CPI numbers welcome, but we’ll have to wait to see if official CPI data confirms. Dates ahead for CPI data are:

September 25

• Monthly Consumer Price Index indicator for August. The monthly CPI indicator does provide a timelier indication of inflation using the same data collected for use in the quarterly CPI. The monthly reading includes updated prices for between 62 and 73 per cent of the weight of the quarterly CPI basket, its not the full picture.

October 30

• September Quarter 2024 – this is the biggie. The monthly CPI data from Australia does not show all components of the CPI, but the quarterly data release does.
• Monthly Consumer Price Index indicator for September

more to come

This article was written by Eamonn Sheridan at www.forexlive.com.