Australian private survey monthly inflation accelerates sharply in July, hit 19-month high

Australian private survey monthly inflation accelerates sharply in July, hit 19-month high

• Melbourne Institute’s monthly inflation gauge surged by 0.9% in July

The Melbourne Institute’s monthly inflation gauge surged by 0.9% in July, marking the largest monthly increase in 19 months. On an annual basis, inflation rose to 2.9%, up from 2.4% in June, signalling renewed price pressures in the economy.

Trimmed mean Australian +0.8% m/m in July, also the the most in 19 months

• 2.6% y/y

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At the margin this pushes back on Reserve Bank of Australia rate cut expectations. This data is not as widely regarded as the other inflation data though.