Australian Q1 CPI +1.0% q/q (expected 0.8%) 3.6% y/y (expected 3.4%)

AUD has jumped on the higher than expected inflation figures.

• The results are also just above RBA forecasts,

This is a nail in the coffin of 2024 rate cuts from the Reserve Bank of Australia.

Hiher than expected headline and core (trimmed mean) inflation data from Australia for the January – March quarter:

You’ll note the blank space for the monthly inflation result, it came in at 3.5%, also higher than expected.

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Summarising the Q1 data:

Headline CPI +1% q/q

• expected +0.8%, prior: +0.6%

Headline CPI 3.6% y/y

• expected 3.5%, prior: 4.1%

Trimmed mean (a core measure) CPI +1% q/q

• expected +0.8%, prior: +0.8%

Trimmed mean CPI 4% y/y

• expected 3.8%, prior: 4.2%

Weighted median 1.1% q/q

• expected 0.9%, prior 0.9%

Weighted median (another core measure) 4.4% y/y

• expected 4.1%, prior 4.4%

Services inflation 4.3% y/y is the lowest since June of 2022

Goods inflation 3.1% y/y is the lowest since September 2022

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