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 tightenin

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.