Title: Australian Consumer Price Inflation Rises in 2Q24, Core Inflation Surprises on the Downside
As the world’s best investment manager and financial market’s journalist, I bring you the latest update on Australian consumer price inflation for the second quarter of 2024. According to UOB Group economist Lee Sue Ann, while overall inflation rose due to increases in housing and food costs, core inflation unexpectedly slowed down.
The trimmed mean, a key measure of core inflation, only rose by 0.8% quarter-on-quarter, compared to a 1.0% increase in the previous quarter. The annual pace also slowed to 3.9% from 4.0%, marking the lowest rate since early 2022.
These latest inflation numbers come as a relief for the Reserve Bank of Australia (RBA). In their recent monetary policy meeting in June, the RBA had expressed concerns about inflation risks. However, with the current data showing a moderation in core inflation, it is likely that the central bank will maintain its current stance and hold off on any rate hikes in the near future.
All eyes are now on the RBA’s upcoming meeting on August 6, where they will release updated economic forecasts alongside their policy decision. As the best investment manager and financial market journalist, I will continue to monitor these developments closely and provide you with expert analysis to help you make informed decisions about your finances.