MNI BRIEF: Aussie Trimmed Mean At 0.9% Q/Q

Australian Q1 trimmed mean inflation increased 0.7% q/q, 10 basis points higher than expected, and 2.9% y/y, down from Q4’s 3.3%, data released by the Australian Bureau of Statistics showed Wednesday. 

The headline rate printed at 2.4% y/y, flat against Q4. The monthly indicator for March, released alongside the full quarterly read, showed trimmed mean at 2.7% y/y. 

The Reserve Bank of Australia wants trimmed mean, its preferred measure of inflation, at the 2.5% target range midpoint. 

Housing (+1.7%), education (+5.2%) and food, and non-alcoholic beverages (+1.2%) contributed the most to the quarterly result, the ABS said in a statement.