MNI BRIEF: Aussie CPI Moderates Over November To 3.4% Y/Y

Australia’s November CPI rose 3.4% year on year, down from 3.8% in October and 20 basis points below market expectations, while remaining flat on a month-on-month basis, Australian Bureau of Statistics data showed Wednesday.

Trimmed mean eased 10bp to 3.2%, in line with expectations, and rose 0.3% m/m. The largest contributors to annual inflation over the past 12 months were housing (+5.2%), food and non-alcoholic beverages (+3.3%), and transport (+2.7%).

The Reserve Bank of Australia is likely to look through the monthly result in favour of quarterly data. The ABS will publish Q4 CPI results on Jan 28, ahead of the RBA’s February meeting.