Beginning in Australia, the July Monthly CPI Indicator provided further confirmation of the deceleration in inflation’s momentum, easing from 5.4%yr to 4.9%yr. However, the composition still speaks to lingering cost-of-living pressures, as evinced not only by the actual lift in electricity prices (6.0%mth) but also what the lift could have been were it not for the introduction of state energy rebates (19.2%mth). Additionally, the detail around housing still reflects an uncomfortable mix, with rental inflation continuing to accelerate (7.3%yr to 7.6%yr) as the moderation in new dwellings persists (6.6%yr to 5.9%yr). So, while it is constructive to see the current progress in inflation and the improving balance of risks for monetary policy, the detail is a reminder that consumption nonetheless remains under pressure in an environment where both prices and interest rates have risen rapidly.
CBA: RBA finished with rate hikes macrobusiness.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from macrobusiness.com.au Daily Mail and Mail on Sunday newspapers.
Consumer Price Index, Australia, June Quarter 2023 abs.gov.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from abs.gov.au Daily Mail and Mail on Sunday newspapers.
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