MNI BRIEF: Aussie Monthly CPI Edges Higher At 2.4% Y/Y

Australia’s monthly CPI indicator rose 2.4% y/y in April, slightly above expectations, with the trimmed mean also ticking up to 2.8%, Australian Bureau of Statistics data showed Wednesday. 

The headline figure has held steady for three months, while the trimmed mean has remained largely stable for five, said Michelle Marquardt, head of prices statistics at the ABS.

Food and non-alcoholic beverages (+3.1%), housing (+2.2%), and recreation and culture (+3.6%) drove the gains, the data showed.

The Reserve Bank of Australia, which further decreased the cash rate 25 basis points to 3.85% last week, places less emphasis on the monthly result. (See MNI RBA WATCH: Board's Dovish Turn Included Debate Of 50bp Cut)