MNI BRIEF: Aussie Monthly CPI Rises In July

Australia’s monthly Consumer Price Index rose 2.8% y/y in July, while the trimmed mean accelerated 60bp to 2.7%, Australian Bureau of Statistics data showed Wednesday.

“This is the highest annual inflation rate since July 2024, following several months of easing inflation,” said Michelle Marquardt, head of prices statistics at the ABS.

The Reserve Bank of Australia views the monthly indicator as volatile and relies more on the quarterly measure to guide policy.

Housing (+3.6%), food and non-alcoholic beverages (+3.0%), and alcohol and tobacco (+6.5%) were the largest contributors to the rise.