Australian CPI (Aug) 103.50 (Prev. 103.07)

The print is an index level rather than a year-on-year rate, so the market's first task is deriving the annual pace and, more importantly, the trimmed mean, which is the measure the RBA has consistently treated as its policy benchmark.

Newsquawk StaffPublished On the live feed at , 20 minutes before this page
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Australian CPI (Aug) 103.50 (Prev. 103.07)

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Context

Australia's monthly CPI indicator is a partial basket and has historically been a noisier guide than the quarterly release; past episodes show the monthly print moving front-end rates and the AUD on the surprise, only for part of that move to retrace when the fuller quarterly data either confirmed or contradicted it. The distinction that matters is between a surprise driven by volatile items, fuel, travel, electricity rebates, and one showing up in underlying services, since only the latter has tended to shift the RBA's rhetoric. The transmission channel is the short end of the Australian curve and the policy rate differential against the US, which is where AUD sensitivity concentrates. The follow-ons are the trimmed mean detail within the release and any RBA commentary ahead of the next quarterly CPI, which remains the decisive input for the easing path.

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