Australia Inflation Exceeds Expectations In May
26 Juni 2024 - 4:17AM
RTTF2
Australia inflation accelerated more than expected in May,
suggesting the Reserve Bank will remain hawkish at the August
meeting.
Consumer price inflation rose to 4.0 percent in May from 3.6
percent in April, the Australian Bureau of Statistics reported
Wednesday. Inflation was expected to rise to 3.8 percent.
At the same time, core inflation that excludes volatile items
and holiday travel also came in at 4.0 percent but it came down
from 4.1 percent in April.
Annual trimmed mean inflation accelerated to 4.4 percent in May
from 4.1 percent in April.
The most significant contributors to the annual increase were
housing, food and non-alcoholic beverages, transport and alcohol
and tobacco prices.
Housing cost moved up 5.2 percent and rents gained 7.4 percent
due to a tight rental market across the country.
Automotive fuel prices surged 9.3 percent in May driven by
higher wholesale fuel prices in early 2024. Reflecting the gradual
unwinding of the Energy Bill Relief Fund rebates, electricity
prices advanced 6.5 percent.
The Reserve Bank of Australia will debate interest rate hikes
for a while yet as inflation has accelerated again in May, Capital
Economics' economist Marcel Thieliant said.
"With GDP growth in fact falling short of the Bank's forecasts,
we think the Bank will take the upside surprise in its stride,
though we still think it will cut interest rates only in Q1 2025
rather than in Q4 this year as most anticipate," the economist
added.
AUD vs CAD (FX:AUDCAD)
Forex Chart
Von Mai 2024 bis Jun 2024
AUD vs CAD (FX:AUDCAD)
Forex Chart
Von Jun 2023 bis Jun 2024