Australia’s July consumer prices rose 1.0% MoM vs 0.8% expected, driven by jumps
in fuel and travel costs, the Australian Bureau of Statistics said on Wednesday.
Headline CPI eased to 3.5% YoY from 3.8% but beat the 3.3% median forecast. The
trimmed-mean core CPI, the RBA’s preferred gauge, rose 0.5% MoM (est. 0.3%) and
held at 3.6% YoY. The Reserve Bank of Australia has hiked rates three times this
year to bring core inflation back to 2–3%; the stronger read raises the risk of
further tightening.
